2023 T5 error | Page 4 | Hubert Financial | Discussion forum

GIC-Fanatic said
If you have a T5 slip for $1201.59 and is an "individual"
And you receive an Amended T5 for $1201.59 and is now "joint"

You should only have to claim $1201.59 in interest income as the amended slip actually replaces the original one??  

Yes, I believed so.

GIC-Fanatic said

Hi. Called CRA today. They say since they still show, both the amounts $1201.59 x 2 are taxable. And I need to have the individual slip disappear by cancelling it. Now to figure out how to do that.

There must some rules, codes or fields that can be changed or altered for an amended to be a replacement and disappear based on the process being done properly???

Thank you.  

Below is the documentation from CRA, which contains instructions for T5 issuers:
"Amending T5 slips
After filing your information return, you may notice an error on the T5 slips. If so, you will have to prepare amended slips to correct the information. Give the recipient two copies of the slips. Do not include slips that have no changes."

There is no mention of a Cancel slip is required when an Amend slip is created.
You may need to call Hubert for a cancel individual slip.

The key to all this GIC resolution is Hubert and the CRA.

I'm still waiting for Hubert to resolve the issue with the CRA and have been since May, 2023.

No amount of revised paper slips in the hands of the taxpayer can fix this.

Eric a CSR @ Hubert told me on Dec 19, 2024 that Hubert had spoken with the CRA Business Employment division and that they would be processing the amendment for me in the next day or two. I was advised by another CSR @ Hubert yesterday that the CRA "had stopped allowing new T5 submissions for processing until Jan 14, 2025".

I'm now awaiting Hubert advising the T5 has been updated at CRA, so I can re-file my 2023 taxes as CRA denied my T5 update. My amended T5 is ~7% lower than the one on file with CRA.

The whole thing is ridiculous and wholly unprofessional for a bank.

Let’s say I have:
An original T5 for $1200 individual - my name only
And a amended T5 for $1200 joint - both names

I have called CRA 3 times (different people) and they say I have to pay taxes on the earned income of $2400 - both of T5’s.

I just wonder if access did not amend properly?

They do seem to be pretty incompetent on the whole issue.

GIC-Fanatic said
Let’s say I have:
An original T5 for $1200 individual - my name only
And a amended T5 for $1200 joint - both names

I have called CRA 3 times (different people) and they say I have to pay taxes on the earned income of $2400 - both of T5’s.

That's definitely wrong. If I receive a T5 original "O" slip for $1,200 followed by a T5 "A" slip for $1,100 that ameds the "O" slip, then I report $1,100. I do not report $1,200 + $1,100 = $2,300 because the second slip isn't a second "O" slip.

Does Box 21 of your second T5 slip have "O" or "A"?

I just wonder if access did not amend properly?

They do seem to be pretty incompetent on the whole issue. 

Access CU could have messed up. The amended T5 "A" slip I received has differences other than in Box 13 (Interest from Canadian sources) and Box 21 (Report code). But, that doesn't not change the fact that the subseqent slip is an "A" slip and not an "O" slip.

Hi, just building my case.

I had 2 slips. 1 individual and 1 Joint.
I claimed in my taxes that way.

Looks like every CU under the new flag of Access was affected.

Then the letter saying the would "amend" the 2 amounts to 1 T5 and be joint.

The letter also far passes the deadline of end of February. Was dated April 9 and the slip was received a few days later. The letter tells you to use the new slip on your tax filing. 5 weeks later?? WHY WOULD THEY NOT HAVE EMAILED US??? The letter refers to unforeseen circumstances <== ha ha. And also says all internal processes have been adjusted and revised to ensure data integrity on future T5 issuances. The letter also says to reach out to your home branch for support. <== ha ha again....what support...was like pulling hens teeth.

If you look at your new T slip if, joint, it will have box 21 "A", Box 23 "2" and has in big letters the word AMENDMENT.

If you look on your CRA "all slips" online, it will say that the new slip is "original" in two different places!!! Thus leaving your originals still alive!!!

MAC99 said
After 332 days I've FINALLY had my erroneous T5 corrected at CRA! I would never have thought a bank could be so incompetent.

It has been a PAINFUL process wherein ACU/Hubert had me trying to fix their issue with the CRA until CRA told me it was up to ACU.

It has ended when I finally asked to speak to someone other than the friendly CSR's who answer support calls. They were trying to help but ultimately had no luck.

If you have an issue from an incorrect T5 submitted to CRA in 2024 for 2023 tax year I suggest you contact:

Brittany Tataryn
Supervisor, Virtual Banking
Access Credit Union
Brittany.Tataryn@accesscu.ca  

That's great that you took the time to post this helpful information. Too many people complain and do nothing or don't take the time to share how others can save some time when they're in the similar situation.