Deposit Interest : Comprehensive Deposit Interest : Preparing T5 Forms
Preparing T5 Forms
This section explains how to process T5 Return of Investment Income forms for interest paid to Canadian residents. For information about processing interest income for U.S. residents, see the Voyager End-of-Year Procedures Guide for the tax year.
In Canada, you may be required to provide your residents with a T5 Return of Investment Income form for interest paid to the resident during the year. If you provide a resident with a T5 slip, you must complete a T5 Information Return and provide it to the Revenue Canada Agency. Voyager can generate a report with information to complete the T5 Summary form and T5 slips. It can also generate the T5 slips and T5 Summary.
Roommates that have the Lessee check box selected on the Roommate screen will appear on the T5 Report. The primary resident and the first roommate will appear on the T5 slip, T5 Summary and the T5 Summary XML file.
If you file more than 50 information slips, you must submit the T5 Summary form electronically. Voyager can also create the electronic file in XML format. You can then upload the file to the Canada Revenue Agency (CRA).
How to...
To generate a T5 Report
To generate T5 slips
To generate the T5 Summary
To create an XML file of the T5 Summary
To generate a T5 Report
1
From the side menu, select Residential > Deposit Interest > T5 > T5 Analytics. The T5 Reports screen appears.
2
In the Report Type field, select T5 Report.
3
Complete the rest of the screen, as needed:
Property Type or select the code for one or more properties.
Unit Type or select the code for one or more units
Resident Type or select the code for one or more residents.
Vendor Type or select the vendor code for the management organization that is issuing the T5 form.
Report Code Select either Original, Amended, or Cancelled as the type of T5 slip that you want to generate.
Tax Year Type the taxation year.
Minium Amount Type the minimum amount of deposit interest paid for which you will issues a T5 slip.
4
Click Submit. A tables showing the T5 information appears.
To generate T5 slips
1
From the side menu, select Residential> Deposit Interest > T5 > T5 Analytics. The T5 Reports screen appears.
2
In the Report Type field, select T5 PDF Slips.
3
Complete the rest of the screen, as needed:
Property Type or select the code for one or more properties.
Unit Type or select the code for one or more units
Resident Type or select the code for one or more residents.
Vendor Type or select the vendor code for the management organization that is issuing the T5 form.
Report Code Select either Original, Amended, or Cancelled as the type of T5 slip that you want to generate.
Tax Year Type the taxation year.
Minium Amount Type the minimum amount of deposit interest paid for which you will issue a T5 slip.
4
Click Submit. The T5 Statement of Investment Income form appears.
To generate the T5 Summary
1
From the side menu, select Residential > Deposit Interest > T5 > T5 Reports. The T5 Reports screen appears.
2
In the Report Type field, select T5 PDF Summary.
3
Complete the rest of the screen, as needed:
Property Type or select the code for one or more properties.
Unit Type or select the code for one or more units
Resident Type or select the code for one or more residents.
Vendor Type or select the vendor code for the management organization that is issuing the T5 form.
Contact Type or select the code for the contact for management organization that is issuing the T5 form.
Report Code Select either Original, Amended, or Cancelled as the type of T5 slip that you want to generate.
Tax Year Type the taxation year.
Minium Amount Type the minimum amount of deposit interest paid for which you will issue a T5 slip.
Account Number Type your Business Account Number.
Language Select English or French.
Is this an additional T5 Summary? If this is an original T5 Summary, select No. If this is an additional T5 Summary, select Yes.
Have you filed a T5 Information return before If you have filed a T5 Summary in previous years, select Yes. If you have not filed a T5 Summary, select No.
4
Click Submit. The T5 Summary form appears.
To create an XML file of the T5 Summary
1
From the side menu, select Residential > Deposit Interest > T5 > T5 Reports. The T5 Reports screen appears.
2
In the Report Type field, select Create XML.
3
Complete the rest of the screen, as needed:
Property Type or select the code for one or more properties.
Unit Type or select the code for one or more units
Resident Type or select the code for one or more residents.
Vendor Type or select the vendor code for the management organization that is issuing the T5 form.
Contact Type or select the code for the contact for management organization that is issuing the T5 form.
Report Code Select either Original, Amended, or Cancelled as the type of T5 slip that you want to generate.
Tax Year Type the taxation year.
Minium Amount Type the minimum amount of deposit interest paid for which you will issues a T5 slip.
Account Number Type your Business Account Number.
Transmitter Number Type the electronic submission number issued to you by the Canada Revenue Agency.
Language Select English or French.
4
Click Submit.
5
A confirmation message appears in the top part of the screen with a link to the XML file.
You can save the XML file on your workstation and then transmit it to Canada Revenue Agency. For more information on electronic submissions of the T5 summary, contact the Canada Revenue Agency.