Do I report savings interest if the bank did not issue a T5?

Arsen Accounting Services · Question 166 · Sources checked October 29, 2026

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Yes. Interest can be reportable even when no T5 is issued. CRA notes that a payer may not issue a slip when the total investment income is less than $50, but that does not create a $50 tax exemption.

Check statements as well as slips

Interest credited to a non-registered bank account generally needs to be included. Term deposits and GICs may also require annual reporting even when cash is not paid until maturity. Interest paid by CRA on a refund is another item to check.

For a joint account, the relevant allocation generally follows contributions to the funds, subject to other applicable rules. A slip issued under one person's name does not automatically settle the beneficial ownership question.

Official guidance: [1].

Reconcile small accounts together

For example, you may have several savings accounts that each earned a modest amount. Collect the annual interest totals instead of assuming the absence of slips means the combined interest is irrelevant. Keep registered accounts separate because they follow their own rules.

Prepare an interest checklist

• Year-end statements for every non-registered account.
• GIC and term-deposit contracts and accrued-interest information.
• CRA assessments showing refund interest.
• Joint-account contribution and ownership records.

Ask your preparer to check that statement amounts are not already included in a T5 or T3. Adding every statement total on top of every slip can duplicate income just as easily as missing slips can omit it. Keep one reconciliation showing the amount reported for each account and the source document used.