I've already filled and submitted my 2019 tax retu...

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New Member

I've already filled and submitted my 2019 tax return, but I forgot to add my T5 information from my savings account. What should I do now? Thanks

 
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Moderator

I've already filled and submitted my 2019 tax return, but I forgot to add my T5 information from my savings account. What should I do now? Thanks

You will wait until you receive your Notice of Assessment in the mail and you will see if CRA has entered it for you as they possibly will have a copy of your T5 on file. 

 

TFSA- 

If you earn interest on or take dividends from a Tax-Free Savings Account, this interest is not taxed. In fact, it is not even subjected to tax when you withdraw the funds.

However, over the past few years, the CRA has looked closely at investors who are amassing significant amounts — six figures or more — in their TFSAs. Although the funds are meant to be tax-free, the CRA has begun to take the stand that the money is essentially employment income if the account holders are spending large amounts of time making trades and boosting their earnings.

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