Get T5 Summary Fillable 2020-2025

Late-filing and failure to file the T5 information return The minimum penalty for late filing the T5 information return is $100 and the maximum penalty is $7,500.

Filing the T5 Summary If you file 1 to 50 T5 slips, we encourage you to file over the Internet using Web Forms or Internet file transfer. However, you can file up to 50 T5 slips on paper. If you file more than 50 T5 slips for a calendar year, you must file the T5 information return over the Internet.

First up, what is a T5 tax slip? A T5 tax slip identifies any interest income you've earned throughout the year on non-registered investments. You'll need to submit your T5 when you file your income tax return.

Slips are prepared by your employer, payer, administrator or financial institution. You should receive most of your slips (including your T4, T4A, and T5 slips) and receipts by the end of February.

If you need to make a change or adjustment on a return already filed, you can file an amended return. Use Form 1040-X, Amended U.S. Individual Income Tax Return, and follow the instructions.

In cases of substantial understatement, the Accuracy-Related Penalty is 20% of the portion of the underpayment of tax that was understated on the return.

If you received a small amount of interest from your bank, generally under $50, you may not have received a T5 slip. You must still report this income, even if you weren't issued a slip. To claim this amount, add Other Investment Income using the search box.

There is no penalty for filing a late return after the tax deadline if a refund is due. If you didn't file and owe tax, file a return as soon as you can and pay as much as possible to reduce penalties and interest.

Steps to preparing the T5 slip Fill in the recipient's full name and address. ... Indicate the payer's (the name of your corporation) name and address. Specify the year in which the dividend or payment was received. ... Establish whether or not the dividend paid is eligible or non-eligible.