Difference between revisions of "Accounting Finance:T5 Slips"
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=T5 Slips= |
=T5 Slips= |
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| + | The software to produce T5 slips is TaxCycle (Xero) and this software has to be purchased every year. |
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| + | Notify IT to purchase software (around November), and submit before deadline (around February). |
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| + | [https://www.taxcycle.com/ TaxCycle website] |
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| + | To begin, open the T5 software icon. |
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| + | [[File:T5 Slips Open T5.png|500px]] |
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Prepare an Excel import file using the template from TaxCycle. |
Prepare an Excel import file using the template from TaxCycle. |
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| − | * The template can be retrieved clicking on the Create Excel template function |
+ | * The template can be retrieved clicking on the '''Create Excel''' template function. |
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| + | [[File:T5 Slips Create template.png|500px]] |
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* Retrieve worksheet from manager and prepare the data to template for import. |
* Retrieve worksheet from manager and prepare the data to template for import. |
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[[File:T5 Slips Template worksheet.png|600px]] |
[[File:T5 Slips Template worksheet.png|600px]] |
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Categories that are used to prepare T5 slip: |
Categories that are used to prepare T5 slip: |
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* Actual amount of eligible dividends [Box 24] |
* Actual amount of eligible dividends [Box 24] |
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| + | [[File:T5 Slips Excel import.png|500px]] |
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| + | To view previous templates, the files are saved on the TaxCycle directory {{unc|\\superserver.unipharm.local\Accounting\TaxCycle\|\\superserver.unipharm.local\Accounting\TaxCycle\}} |
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| + | [[File:T5 Slips T5 Sample.png|500px]] |
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| + | [[File:T5 Slips T5 Slip Summary.png|500px]] |
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| + | [[File:T5 Slips T5 Box Amounts.png|500px]] |
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Print T5 (Hard Copy and PDF’s) and send to manager. |
Print T5 (Hard Copy and PDF’s) and send to manager. |
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| − | When the file is ready for transfer, please review prior to transfer: |
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| + | Note: Print a test copy prior to printing all recipient copies. Also, print using 2 pages per paper. |
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| − | Under File, choose options to check account and web access has been entered. |
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| + | [[File:T5 Slips T5 Print PDF.png|250px]] |
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| + | All reviews indicated by software are required to be addressed in order to submit (eg. Common errors: Special characters are not allowed (Eg. #) and address lines cannot exceed 30 characters. |
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| + | When the file is ready for transfer, choose options under file to click on '''Slips Accounts'''. Enter '''Account Number''' and '''Web Access Code'''. 'Transmitter Number' can be empty and software will assign a number. |
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| + | '''Account Number''': 105448567RZ0001 |
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| + | '''Web Access Code''': D00Z42 |
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| + | [[File:T5 Slips Slip Accounts.png|500px]] |
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| + | [[File:T5 Slips Slip Accounts 2.png|500px]] |
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Click “Agree” to continue with T5 submission. |
Click “Agree” to continue with T5 submission. |
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| + | [[File:T5 Slips Internet file transfer.png|500px]] |
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| + | Once T5 have been submitted, save a PDF copy that confirms the T5 submission. |
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| + | The XML file can be saved in '''History''' under '''File'''. Click on the icon at the far right to save XML file. |
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| + | [[File:T5 Slips XML save file.png|500px]] |
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| − | Save xml file |
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Latest revision as of 12:24, 21 January 2025
T5 Slips
The software to produce T5 slips is TaxCycle (Xero) and this software has to be purchased every year.
Notify IT to purchase software (around November), and submit before deadline (around February).
T5 Slips Preparation
To begin, open the T5 software icon.
Prepare an Excel import file using the template from TaxCycle.
- The template can be retrieved clicking on the Create Excel template function.
- Retrieve worksheet from manager and prepare the data to template for import.
Categories that are used to prepare T5 slip:
- Recipient Type (eg. Corporation, Individual)
- Social Insurance Number
- Individual First Name
- Individual Last Name
- Business Name
- Business Number
- Recipient Address Line 1
- Recipient Address Line 2
- Recipient Address City
- Recipient Address Province
- Recipient Address Postal Code
- Recipient Address Country
- Footnote (eg. Eligible Class G Dividend / Promissory Notes Interest / Class E & G Premium on Redemptions)
- Actual amount of dividends other than eligible dividends [Box 10]
- Interest from Canadian Sources [Box 13]
- Actual amount of eligible dividends [Box 24]
Click on Excel import when ready.
To view previous templates, the files are saved on the TaxCycle directory \\superserver.unipharm.local\Accounting\TaxCycle\
T5 Slips Review
Review the information (eg. business name, addresses) and amounts on the T5 slips are correct.
Review the slip total on the T5 Summary.
Print T5 (Hard Copy and PDF’s) and send to manager.
Note: Print a test copy prior to printing all recipient copies. Also, print using 2 pages per paper.
T5 Slips Transmission
All reviews indicated by software are required to be addressed in order to submit (eg. Common errors: Special characters are not allowed (Eg. #) and address lines cannot exceed 30 characters.
When the file is ready for transfer, choose options under file to click on Slips Accounts. Enter Account Number and Web Access Code. 'Transmitter Number' can be empty and software will assign a number.
Account Number: 105448567RZ0001
Web Access Code: D00Z42
Click “Agree” to continue with T5 submission.
Once T5 have been submitted, save a PDF copy that confirms the T5 submission.
The XML file can be saved in History under File. Click on the icon at the far right to save XML file.
