How do you enter information from T3, T5 & T5013 slips into T2 software?


3 people found this helpful

After several calls and  a couple of hours talking to Senior level agents at CRA, we have some answers.  Firstly this type of income is (not active business income) as such is not allowed the small business deduction or any other federal rate reductions for that matter.
For T5 Eligible Dividends box 24 from a non connected Canadian corp. Schedule 3 Column A, B and F will ensure "Profile" deals with these amounts are dealt with in the appropriate manner. Entered by individual corporation of course so I hope your financial guys sent appropriate back up details cu z its a pain. Part IV tax = yes providing the corp is a private corporation and or a ccpc. This ensures the Part IV gets hooked up to the payable and builds the RDTOH account up so the corp can get the P IV  tax back when it declares and pays a dividend. Puts a whole new wrinkle in the salary dividend mix for owners eh....
For T5 Interest Box 13, Other Income Box 14 and Foreign Income Box 15  (all passive income), Schedule 7 in profile, filled in at the top under "Details of property income (losses)" The lines under Interest and Property Income will fill the lower parts of the schedule.

T3's as far as I could gather Box 26 Other income, Schedule 7 as above in Details but the line above the Interest and property income. Business income received from a Trust blah blah blah......

T3 Capital Gains, Schedule 6 Part 4 Other Properties is where cra told me to put it. Some over riding of Profile may have to be done depending on info details.

That's as far as I have got.

Hope it helps in this confusing matter.

Was this answer helpful? Yes No

No answers have been posted

More Actions

People come to ProFile for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

  1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
  2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
  3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
  4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
  5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.

Select a file to attach: