This is difficult to answer without seeing the slip. Is the slip from a financial institution payable for an individual or a company? Which boxes on the slip have amounts in them and what are the amounts? With this information we can probably answer your question. Please reply!

Hi Brea, 

It’s a T5 from financial institution and my bad....it’s actually not divedend but interest and it was in box 13 around $500 payable to company. Thank you in advance for your time again! 

P/S: it’s stated that the report code is “O” and recipient type in box 23 is “3”. 

Has the company actually received the interest? If it is then it is already in your ledger under your bank account and interest income. If it has not been received then you must set-up an other receivable in your ledger called accrued interest receivable to record the amount of the interest and a credit to interest income for the same amount.

Hope this helps!

Hi,

Why is there no information about printing T5 to be found? I have an investor who needs this for his tax return. A T5 stating the amount of interest he received from us in 2018. This would be very helpful.

Heleen

I don't think Simply can produce T5 slips.

I'd suggest first checking with your accountant to find out if they've looked after T5 filing for you - it only confuses matters if slips are double-filed.

Then, I'd suggest checking to see if you actually have to produce a T5 slip (see CRA's web site at https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/completing-slips-summaries/financial-slips-summaries/return-investment-income-t5/t5-slip.html ).  If you do have to do a T5 slip, and IF IT IS JUST FOR INTEREST FROM A CANADIAN SOURCE TO A CANADIAN INVESTOR, there are forms on CRA's website that you can fill in on screen and then print ( links at the bottom of https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/completing-slips-summaries/financial-slips-summaries/return-investment-income-t5/t5-information-return/filing-methods.html - and information about where to send them is partway down the page).  Note that you will need to do a T5 summary as well as T5 slips.

If you are dealing just with interest from a Canadian source to a Canadian investor, you should be OK using these links on your own.  If you are dealing with anything more complicated, like dividends, capital gains, or money coming into or leaving Canada, please talk to your accountant before filing anything.