T5 slips are used to report a variety of types of investment income paid to Canadian residents (known as the recipients) by the issuer¹ Investment income means²:
Taxable dividends including deemed dividends,
Interest paid on bonds, debentures, and other monies held on deposit,
Blended payments of capital and interest
The recipients include the income reported on the slip in their own income tax return. T5 slips must be prepared and sent to recipients by end of February for the previous calendar year. The issuer must prepare and file a T5 Summary with the taxing authorities. The Quebec equivalent (the RL-3) is also due at the same time. After preparing hundreds of T5 slips, we discovered a better way and we will share it with you!
The CPL advantage comes in streamlining documentation, facilitating the data import into approved tax software and providing guidance as to how to complete the form and slips accurately.
¹ If you have made payments to a non-resident of Canada, you will likely need to file a NR4 slips and Summary. But don’t worry – we can help with that process also.
² This list is not exhaustive and if you have questions, please contact your tax advisor.
- The data input schedule are laid out on an recipient basis and summarized for the issuer. This make the review process simpler – check the totals on the T5 Import Template to the software forms.
- Keeps the flexibility of a spreadsheet – information can be copied from the template for further work or distribution.
- Recipient data files are exported into a separate CSV file which may be imported into the tax preparation software as data for the actual slips eliminating a second manual entry.
- We provide a user manual which walks you through how to calculate the correct input values for the template.
- The Issuer tab mimics and aggregates the recipients’ data into a T5 Summary.
- Print Button for printing the summary report.
- The Recipient tab is your data entry section.
- Add and Delete button permits you to add and delete recipients. This maintains the functionality and formatting of the template.
- Applies the current gross up and credit percentages to dividends and links the Quebec balances to the federal balances.
- Export button creates a separate CSV file in the same network directory which may be used to import the slip information directly into tax preparation software.
- We provide you with the pre-formatted linking file to ensure the CSV file imports
correctly (the tax preparation software requires two files).
Each template including user manual is $550.00 plus applicable taxes.