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Enter T5 slip data

Updated: 2017-01-10

Create a TaxCycle T5 file to prepare T5 slips. Start a file by carrying forward from the prior year, creating a new file from the Start screen. See the Create or carry forward a slips return help topic to learn how to do this.

Next, complete the Info worksheet to enter the issuer information and filing details. See the T5 Info worksheet help topic to learn more.

Create a new slip

To create a new slip, use one of the following ways. The example below is for a T4 slip, but the same steps apply whichever slip type you create.

  1. Click on the blank slip in the Prepare sidebar (this is the slip with a green plus sign in the form icon). 
  2. Press F4 and T4 (or another slip type, depending on the return) and press Enter. If you already have some slips in the file, press Ctrl+Enter to make sure you get a blank slip.
  3. In the Favourites bar, choose Create a new slip from the T4 drop-down. Or, hold down the Ctrl key and click once to create a blank slip.
  4. If you have an existing slip open on screen, click New Slip in the slips toolbar.

On the blank slip, begin entering recipient information. As soon as you complete the first field, TaxCycle inserts the default information as entered on the Info worksheet.

new-slip


T5 slip recipient type

At the top of each T5 slip, choose the appropriate Recipient Type for each slip. The fields on the rest of the T5 slip change based on this selection, allowing you to enter information specific to that recipient type.

You can set a default Recipient Type for all new T5 slips on the Info worksheet.

t5-recipient-type


Choose whether or not to carry forward a slip next year

Clear the carry forward slip check box to prevent carry forward

When you create a slip in any of the slips modules, you can choose whether to carry forward a slip to next year.

By default, the Carry forward slip? is checked on each slip so that they each carry forward to the following year.

Simply clear this check box if you don't want a slip to carry forward. For example, if you know an employee has left and you will not need to complete their T4 in the following year.

Mark a slip as cancelled or amended

Choose a type of slipThe screen capture on right is for a T4 slip return, but the the same concepts apply to other slip types:

  1. On each slip, choose the Type of slip: Original (default), Cancelled or Amended. TaxCycle uses this selection to build the return summary and transmit the correct type of return (Original or Cancelled/Amended) to the CRA.
  2. Cancelled and Amended slips have a different form icon than other slips in the return, so you can quickly recognize them in a list.

T5Summary

The T5Summary brings all the slip information into one summary to report the total source deductions and employer contributions. Before filing, review the employer contributions remitted over the year to accurately reflect any balance due or refund.