You, Your GIC and Your T5

Answering your questions on T5/RL-3 and NR4 tax slips.

Q: I haven't cashed my GIC yet, so why did I get this tax slip?

A: The Canadian government requires that CIBC provide tax slips to Canadian residents who have received interest or who have accrued interest in any given year. (Accrued interest is interest that has been earned but has not yet been paid). Accrued interest is reported to the anniversary date of the GIC's issue. Accrued interest reporting applies only to long-term products (over one year) with interest that is paid at maturity. We do not report accrued interest to non-residents.

Why haven't I received a tax slip for ALL my GICs?

A: A tax slip (T5 and Relevé 3 for Quebec residents) is only issued if the total interest earned on the account in which your GICs are held is at least $50.
For non-residents of Canada, an NR4 tax slip is always issued when tax has been withheld, regardless of the interest amount.

I did not receive a tax slip for interest earned on all my GIC accounts. Do I have to report that interest?

A: For Canadian residents, if the interest earned on one of your GIC accounts is less than $50 no tax slip is issued. However, the interest income still must be reported to Canada Revenue Agency.

Q: Where can I find statements and tax slips related to my GIC?

A: Statements for registered and non-registered GICs are mailed quarterly as either individual statements or as part of a consolidated statement. Tax slips are mailed to you. Visit the find my documents page to learn more.

Q: My spouse and I have a joint GIC. Who should be reporting the interest?

A: Generally, each spouse reports their share of the interest from the joint investment based on how much each contributed when they bought the GIC. You may wish to consult your tax advisor to determine the most appropriate method of reporting in your particular circumstances.

My tax receipt says interest was reported in prior years but I have never received one before.

A: Accrued interest in prior years may have been less than $50 for a T5 or RL-3, so no tax receipt was issued. Our investment system considers this amount reported regardless of whether a tax slip was issued. You are still responsible to report the interest to Canada Revenue Agency, even though no tax slip was produced.

What is the meaning of "net interest reported" as indicated on my statement?

A: The net interest reported figure is the total amount of interest earned for the year. Net interest reported equals interest paid plus interest accrued but not paid minus interest reported in prior years.

How is the interest on my GIC calculated? My confirmation indicates it is simple interest.

A: Simple interest is calculated by taking the principal amount of the investment and multiplying it by the interest rate. This will equal the interest paid for one year.

Still Have Questions?

For answers to specific questions on your T5/RL-3/NR4 tax slips have your CIBC debit card ready and call CIBC at 1-800-787-1157 24 hours a day, 7 days a week.

We can provide solutions to help you meet the goals that matter most to you. Please contact our Personal Banking Representatives at 1-800-787-1157.

NOTE: For security reasons, you must provide proof of identity in order for GIC information to be disclosed. This means only actual GIC holders, not their advisors or representatives, can call for information. Customers holding a Power of Attorney or "in trust" GIC must visit the issuing branch for information.

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