T5 dividend-slip filing deadline: what small corporation owners should check

Confirm whether there is reportable investment income

A T5 information return concerns specified investment-income payments. A corporation paying dividends should ask its preparer which reporting requirements apply, rather than assuming every withdrawal is a dividend or every payment belongs on a T5.

CRA's T5 guide says not to file a blank or nil return where no amounts were paid or credited during the year. This differs from the filing requirements for an active GST/HST account, so do not apply one account's nil-return rule to all tax forms.

Use the calendar year for the deadline

The ordinary T5 deadline is the last day of February after the reporting calendar year. CRA recognizes the next business day for a Saturday, Sunday or applicable public holiday. The corporation's T2 fiscal year-end does not replace this information-return schedule.

Prepare and confirm the reporting

• Identify the payments and recipients with the accountant or bookkeeper.
• Reconcile the relevant payment records and the approved treatment.
• Obtain recipient information through an appropriate secure process.
• Confirm the current filing method and recipient-copy requirements.
• Retain the filing acknowledgement and note distribution follow-up.

This is a preparation checklist, not advice on classifying a payment, allocating income or completing individual slip boxes. Keep sensitive recipient identifiers out of general calendar notes.

Keep it separate from the corporate tax return

Enable the T5 option in Compliance Calendar when the obligation applies. The resulting entry can hold preparation notes and a confirmation reference. A T2 receipt or payroll remittance does not establish that the T5 information return was submitted. If you are unsure whether reporting is required, resolve that question before enabling or removing the recurring task.