Client’s CRA account shows duplicate T5s with exactly same amounts for 2019 tax year.
Client contacted issuer who acknowledged duplication error and informed her to file only one on T1 return.
Issuer claims either unable/unwilling to delete duplicate with CRA.
CRA informs me it will process return with the duplicate T5s on file.
My attempts to discuss the matter with issuer were unsuccessful.
Any options suggestions welcomed.
I don’t believe they will process with the duplicate T5’s at this point.
When the matching program starts up in the late fall early winter though there is a good chance there will be some reassessments at that point. Should be able to be reversed with your documentation though.
Hopefully the issuer will have dealt with it before then though.
Unfortunately, I don’t have a solution for you.
I have a situation wherein an investment company has issued related T4RIF and RRSP contribution slips, but made an error by dating them in two different years. This has created a $10k tax burden for a client.
My point in replying to you is that I have uploaded supporting documents and spoken to CRA on three occasions over two years, twice speaking with senior specialists, and been told that they WILL NOT ignore the filings from the investment company. They insist that the error be corrected through the entity issuing the slips.
I frankly agree with CRA that this is the only way they can handle the situation. Like you though, I am frustrated by slip issuers that refuse to correct their own mistakes. There surely must be a resolution to this problem that dose not require our clients taking an unfair tax hit.
Good luck to you.
Stephen
I agree with you re: CRA’s position.
Although given the sizeable amount invested and income interest earned, I can always suggest to my client, she MAY consider transferring investment to another firm … might ring a friendlier bell tone at the other end (taking the Covid-19 into account).
CRA will process both duplicate slips as income. Only the issuer will be able to fix this by sending correction/amendment to CRA.