The T5, or Statement of Investment Income, reports the interest, dividends and foreign income you earned in non-registered (taxable) accounts: bank interest, GIC and bond interest, dividends from Canadian corporations and foreign income. All T5 amounts go on your T1 return. Income earned inside a TFSA, RRSP, RRIF or FHSA never appears on a T5, which is a common point of confusion.
| Feature | Details |
|---|---|
| Full name | Statement of Investment Income |
| Issued by | Banks, credit unions, brokerages, corporations |
| Reports | Interest, dividends and other investment income |
| Threshold | $50 (but you report all income, slip or not) |
Issuers have until the last day of February; the tax slips table has every slip’s deadline.
Who issues T5 slips
| Institution | What they report |
|---|---|
| Banks and credit unions | Savings account interest, GIC interest |
| Brokerages, investment dealers | Dividends, foreign income, capital gains dividends |
| Mutual fund corporations (corporate-class funds) | Dividends, interest, capital gains dividends |
| Financial institutions (bond interest) | Accrued and paid bond interest |
Most mutual funds and ETFs in Canada are trusts rather than corporations, so their distributions come on a T3 slip instead. Many investors get both: a T5 for interest and for dividends from individual stocks, and a T3 for fund distributions. When you sell an investment, the sale is reported separately on a T5008.
T5 boxes and where they go
| Box | Description | T1 line | Notes |
|---|---|---|---|
| 10 | Actual amount of other than eligible dividends | Not entered | Used to calculate Box 11 |
| 11 | Taxable amount of other than eligible dividends | Line 12000 | The grossed-up amount |
| 12 | Dividend tax credit for other than eligible dividends | Line 40425 | Federal credit |
| 13 | Interest from Canadian sources | Line 12100 | Bank interest, GICs, bonds, savings |
| 14 | Other income from Canadian sources | Line 12100 | |
| 15 | Foreign income | Line 12100 | Converted to Canadian dollars |
| 16 | Foreign tax paid | Form T2209 (foreign tax credit) | Tax paid to a foreign government, such as US dividend withholding |
| 17 | Royalties from Canadian sources | Line 12100 | |
| 18 | Capital gains dividends | Schedule 3 | From funds that pass capital gains through |
| 24 | Actual amount of eligible dividends | Not entered | Used to calculate Box 25 |
| 25 | Taxable amount of eligible dividends | Line 12000 | The grossed-up amount |
| 26 | Dividend tax credit for eligible dividends | Line 40425 | Federal credit |
Which dividend boxes to enter
Report the taxable amounts, Box 25 for eligible dividends and Box 11 for other than eligible dividends, on line 12000, and claim the dividend tax credit from Box 26 or Box 12. Boxes 24 and 10 show the cash actually paid and aren’t entered. Entering the actual amount instead of the taxable amount understates your income, because the CRA includes the grossed-up amount and then applies the credit.
Eligible dividends generally come from public corporations and large private ones that paid tax at the general corporate rate; other than eligible dividends come from small businesses (CCPCs) that used the small business rate. Each type has its own gross-up and credit; the dividend tax credit guide works through the calculation and the provincial credits.
Foreign income and foreign tax paid (Boxes 15 and 16)
Many foreign dividends have tax withheld at source before they reach you:
| Scenario | Withholding | What happens |
|---|---|---|
| US dividend in a non-registered account | 15% withheld (Canada-US treaty rate, with a W-8BEN on file) | Report Box 15 income and claim Box 16 on Form T2209 |
| US dividend in an RRSP | 0% (treaty exemption) | No T5 is issued for registered accounts |
| US dividend in a TFSA | 15% withheld, not recoverable | The TFSA isn’t treaty-exempt, so the 15% is a permanent cost |
The foreign tax credit guide covers Form T2209 and line 40500.
Common T5 situations
- High-interest savings account: the interest appears in Box 13 and is fully taxable at your marginal rate, whatever rate the savings account pays.
- Canadian bank stocks: dividends from the big banks are eligible dividends (Boxes 24 to 26).
- Compound GICs: interest is taxed each year as it accrues, so banks may issue a T5 for accrued interest before the GIC matures. You report it annually even if you haven’t received it.
- US stocks in a taxable account: US dividends are foreign income (Box 15), and the US tax withheld is in Box 16.
T5 slips and jointly held accounts
If a bank or investment account is jointly held, the T5 may be issued entirely in one person’s name. The CRA’s position is that each owner reports their share of the income based on who contributed the funds, not on whose name comes first on the account, so records of each person’s contributions are worth keeping.
When you don’t get a T5 but still owe tax
| Situation | What to do |
|---|---|
| Investment income under $50 at an institution | Report it on line 12100 without a T5; add up all your accounts at that institution |
| Foreign income with no Canadian slip | Report it from your foreign account statements, converted to Canadian dollars |
| T5 late or not received | Check CRA My Account under tax information slips, and contact the issuer |
| Accrued interest on a compound GIC | Report it every year, even before it is paid |
The CRA receives this information from financial institutions and will add it to your return if you leave it out; what to do if you forgot to report interest income covers fixing a return you’ve already filed.
Where the account sits affects your T5
| Account type | Interest | Canadian dividends |
|---|---|---|
| Non-registered | Fully taxable each year (on the T5) | Taxable, with the dividend tax credit (on the T5) |
| TFSA | Tax-free, no slip | Tax-free, no slip and no credit |
| RRSP | Tax-deferred, no slip | No credit; withdrawals are taxed as regular income |
Interest has no preferential treatment outside registered accounts, which is why it is the income type most often held in a TFSA or RRSP, while Canadian dividends keep the dividend tax credit only in a non-registered account.
A corrected T5 after you’ve filed
- Wait until your original assessment is complete.
- File a T1 adjustment request (T1-ADJ).
- Include the corrected T5 information.
- The CRA reassesses your return.