# Major T5 mistake!!!



## VeryGreen (Jan 4, 2014)

So, I have been doing my own T5s for the past 2 years and I just found out that I did the previous two years wrong. Really, really wrong. I gave myself a massive dividend tax credit and didn't pay nearly enough personal tax as a result.

What is going to happen? 

I already created amended T5s and sent them away with a letter and I will do a T1 amendment for both years, but do you think they will charge me 2 years of interest for my screw up? Obviously I have no problem paying the taxes that I owe, but I really don't want to be charged all that interest!

Thank you for your thoughts.


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## Guban (Jul 5, 2011)

You may be able to avoid the interest, if you apply under the voluntary disclosure program. See

http://www.mcmillan.ca/Files/113253_Are_you_Eligible.pdf


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## ensanimal (Sep 28, 2014)

When your reassessment is processed you would be charged interest going back to the day after the return would have been due, so about April 30 of each year. Hopefully you filed your return on time or else you may be looking at a Late Filing Penalty as well.
http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/ntrst/menu-eng.html

You could make a request under Taxpayer Relief to try and have CRA cancel or waive a portion of the interest using RC4288. You'd need to really plead your case well though for that.


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## VeryGreen (Jan 4, 2014)

Well, thank goodness TurboTax is smarter than me. It looks like my personal returns are only minorly screwed up because it did the calculation automatically rather than depending on me to manually enter it (with the wrong numbers from the T5). I have heard that, even if I do owe a little bit when I do the amendment, that I won't be charged interest on my personal taxes because it was a company mistake. We will see what happens. I'm sure I will be fined through the company though. They charge you $100 for getting a SIN number wrong on your T5s so I can't imagine what they are going to charge me for this one!

Thank you for your help!


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## Allan Madan (Jan 23, 2015)

I would submit an amended T5 slip to CRA. 
Then, I would submit a T1-ADJ for the tax years to amend the tax returns and also a voluntary disclosure form to clarify your situation to CRA.


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