The Canada Revenue Agency (CRA) recently released an updated version of their Statement of Investment Income, or T5 slip. This slip is used to report dividends paid from a number of sources, including Canadian Corporations, capital gains dividends, and interest from Canadian sources.
There is one significant change to the most recent version of the form: Box 30, “Equity linked notes interest” was added. This box does not have a physical presence in the print form, and filers are instructed to use one of the “Other Information” fields on the slip to create this box and enter the relevant data. The relevant data includes interest that is deemed to accrue pursuant to Subsection 20 (14.2) of the Act from the assignment or transfer of linked notes.
Please note that the T5 Guide (Publication T4015) has not been updated as of the time of this writing, so references to Box 30 will not be in the guide until it is updated to the 2017 version.
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About the Author
Paul Ogawa is a Junior Regulatory Counsel at Sovos Compliance. As part of the Regulatory Analysis team, his main areas of focus are state and federal tax withholding, the Affordable Care Act (ACA), and Canadian tax information reporting. Prior to Sovos, Paul worked as a litigation attorney in Boston area law firms, representing clients in insurance subrogation claims, family law matters, and employment disputes. Paul is a member of the Massachusetts Bar, earned his B.A. from Brandeis University and his J.D. from the Suffolk University Law School.More Content by Paul Ogawa