One of my clients is doing a voluntary dissolution, and has a July 31 Year-end.
I am curious how the T5 is going to be done to distribute all the assets. I looked at it once before, it wouldn’t even allow me to process T5, until Feb the following calendar year, but this time, when I looked at it, it seems like I am able to pick 2025 tax year, with a warning Warning:“” Tax year - You selected a tax year other than last year. Please verify. (WF020)“”"
If I can’t file the T5 til end of the tax year, but CRA account are closed from the dissolution, CRA won’t be able to process the T5 with an active account.
I have always filed the T5’s for the corporations I look after when I finish the year-ends. So if the year-end is Feb28/25 and I finished the year-end in May/25 I will file the T5 in May/25. Never had a problem.
Thanks. Was that done by e file or paper file? I was told to do paper file by CRA, shouldn’t be a problem, but that’s going to take longer and without confirmation.
I had a corporate client that was bought out by a national firm 2 years ago. They had a deemed year end of January 31st, 2023 (the takeover date). I filed 2023 T5 slips online through TaxCycle in February of 2023.
The slips were accepted and process without any issue, except someone from the CRA did call me just to confirm these were actually 2023 T5 slips and not 2022 T5 slips (since we were still within the 2022 T-slip filing season).