When do you not have to prepare a T5 slip?

You do not have to prepare a T5 slip to report:

  • amounts paid to one recipient when the total amount for the year is less than $50
  • the interest part of a Blended payment made by an individual
  • interest one individual pays to another, such as interest paid on a private mortgage (this does not include investment dealers or brokers making payments for client program accounts)
  • interest paid on loans from banks, financial houses, or other institutions whose usual business includes lending money
  • capital dividends, as described in Income Tax Folio S3–F2-C1, Capital Dividends
  • amounts paid or credited to non-residents of Canada, as described in Payments to non-residents of Canada
  • interest on an investment contract accrued or payable during the year to a corporation, partnership, unit trust, or any trust of which a corporation or partnership is a beneficiary
  • an amount distributed from an eligible funeral arrangement, if the amount is a return of contributions only
  • interest paid to farmers under the AgriStability and AgriInvest programs, Fund 2 (these amounts are reported on an AGR-1 slip)
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