bank issued T5 late

Forum|Forum|1 year ago
November 18, 2024
1 reply
0 views

My bank was late issuing a T5. The T5 showed up as processed in MyAccount on April 6. I netfiled my tax return on April 4, and never checked back in MyAccount. CRA now adjusted my return to include this T5, but also added interest penalty. Can I dispute this penalty as it seems it's on the bank's part that I didn't receive the T5 in time?

TurboTaxSusan

We would recommend contacting the Canada Revenue Agency (CRA) and discussing it with them.

If you are in Canada or the United States, you can call the CRA at 1-800-959-8281. If you are elsewhere, you can call 613-940-8495. This page has more ways to contact the CRA: Contact the Canada Revenue Agency

chrisyuAuthor

CRA's position is that it's entirely on me, whether the bank issued T5 late or not.

I'm looking for a third-party opinion. Do I have a case to argue it's not my fault but the bank's and hence remove the interest penalty?

TurboTaxSusan

Unfortunately, we are not allowed to give our opinions on such matters, as it's beyond the scope of what we do here. A CPA or a tax lawyer would be better able to give you an opinion and let you know what you will need to do to prove your case to the CRA.