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Important Notice regarding your T1 returns with T5 Foreign Income Slips

As our valued customer, we are writing to inform you we’ve heard from a few customers that a reminder message for the “Name of foreign country” field on the T5 slip (Statement of Investment Income) may not have been visible to all. The message is to remind users to choose a country when a client is reporting the foreign income or foreign tax paid on the boxes 15, 16 and 30. If a country is selected, then ProFile calculates the foreign tax credit (form T2209). If a country is not selected then ProFile will not calculate the foreign tax credit.

If you have filed or are in the process of completing returns with foreign income we recommend double checking that a country has been selected on the T5 slip in order to ensure the foreign tax credit is calculated. If you have filed a return that is impacted by missing the country name in the T5 slip you will need to adjust the entry on the return and go through the ReFILE process with CRA wherever needed.


For more information on this topic click here.


Thank you for your continued support of ProFile. We appreciate your loyalty and look forward to our continued partnership.


Sincerely,

The ProFile Team