T5 Return Questions

Slips
1

The predecessor accountant incorrectly file a T5 summary for my corporate client and I would like to ask how can I use taxcycle to correct it:

The problem is that -
There were 2 slips issued, slip A and B.
Slip B was incorrectly issued to the wrong person. I need to cancel that slip B.
Then issue another slip (slip C) to the right person.
Slip A is correct and nothing need to be fixed.

Thanks

2

Issue an amendment (Paper) with “CANCEL” on Slip B and add Slip C with “ADDITIONAL” on it. Submit to the tax centre.

See Guide, Chapter 6

1 Like
3

Thanks Tim,

I was hoping I can efile it. I am also looking at the online MyBusiness option.

4

Hi Tim,

Say I were to paper file these slip. What about the T5Summary, the amount on each box is the same (only name and SIN numbers of the recipient need to be changed, which is not reflected on the T5Summary)