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Duca T5 error
April 22, 2021
7:08 am
Retiredfa
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Has anyone gotten indication from DUCA regarding where to send our reimbursement requests for the additional accounting charges that result from their CRA reporting error?

April 22, 2021
12:06 pm
Ed
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Received a call earlier this afternoon from a DUCA rep at the Bomanville Branch near Toronto who asked me if I’d received the revised T5 form. I said yes and asked if the CRA has also been updated and she said, “Of course.” It seems their new computer system resulted in a glitch that was to blame for the error.

April 22, 2021
12:40 pm
James
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Just in case in helps anyone: I received the updated paper T5, but CRA still shows the old (lower) figure. So best to adjust return manually with the new paper T5 if you're using tax software. (Most software pulls the forms automatically from the My CRA account and if it does that, you might get the wrong figure - did for mine.)

April 22, 2021
12:58 pm
AltaRed
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James said
Just in case in helps anyone: I received the updated paper T5, but CRA still shows the old (lower) figure. So best to adjust return manually with the new paper T5 if you're using tax software. (Most software pulls the forms automatically from the My CRA account and if it does that, you might get the wrong figure - did for mine.)  

Not if you don't use Autofill. I refuse to use Autofill due to issues and errors often associated with T5s (in USD) and T5008s. Must be very careful with that process.

April 22, 2021
2:12 pm
BillieBob
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Well, I just updated my tax return with the amended DUCA T5 and then used the “ReFile” option available with the tax software (Tax Freeway) I use. I had Netfiled back in early March and received my refund on March 25. Because of the revised T5, my refund was reduced by $5.12.

April 22, 2021
5:32 pm
Loonie
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savemoresaveoften said

Sounds like ur accountant is quite incompetent, esp if his specialty is supposed to be taxation.

Also not knowing how complicated ur tax return is, but unless u are self employed, has rental income or qualify for special allowances, tax software does a good job and much cheaper than an accountant.  

i appreciate what you are saying but our circumstances are such that we are better off using an accountant.

April 22, 2021
7:09 pm
COIN
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So now the CRA has two T5's. Any bet they won't simply add the two amounts from the two T5's to your income? Wish DUCA had simply issued the second T5 with only the top-up amount.

April 22, 2021
7:27 pm
AltaRed
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COIN said
So now the CRA has two T5's. Any bet they won't simply add the two amounts from the two T5's to your income? Wish DUCA had simply issued the second T5 with only the top-up amount.  

The amended one will say (is supposed to say) amended. Even CRA understands that.

April 23, 2021
5:01 am
savemoresaveoften
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COIN said
So now the CRA has two T5's. Any bet they won't simply add the two amounts from the two T5's to your income? Wish DUCA had simply issued the second T5 with only the top-up amount.  

The one got tossed out by CRA and they keep the latest one only. Its amened when you look at tax slips under your account.
That is a much better and preferred way than having an extra T5 with just the amended amount. Much easier to trace down the road for audit and reconciliation purpose.
My IB account amended the T5 for the 6th time this year. Imagine having to keep all 6....

April 23, 2021
8:21 am
COIN
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savemoresaveoften said

The one got tossed out by CRA and they keep the latest one only. Its amened when you look at tax slips under your account.
That is a much better and preferred way than having an extra T5 with just the amended amount. Much easier to trace down the road for audit and reconciliation purpose.
My IB account amended the T5 for the 6th time this year. Imagine having to keep all 6....  

Time will tell. Check your CRA account and hopefully you will see only one T5 from DUCA. Are the CRA computers programmed to distinguish that an "amended" T5 supersedes the original T5? My past experience was that they simply add the two T5's and tax you on the total.

April 23, 2021
7:25 pm
Bud
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April 23, 2021
7:31 pm
Loonie
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You won't have to worry about this one until you do your 2021 taxes a year from now, so I wouldn't worry too much. It appears only $1.00 of it would be taxable. I think we all got that one dollar! - no idea why.

However, in order to understand your income for March 2021, you should also look at your savings account(s) and see if there is a similar deposit there, which would also count as taxable.

Don't confuse Class B shares with Class A shares. They are different.

April 24, 2021
8:18 am
savemoresaveoften
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COIN said

Time will tell. Check your CRA account and hopefully you will see only one T5 from DUCA. Are the CRA computers programmed to distinguish that an "amended" T5 supersedes the original T5? My past experience was that they simply add the two T5's and tax you on the total.  

if DUCA does not labelled the amended one as "amended", then yes its likely CRA will just add it to ur profile, as if its just another T5.
IF that happens, the blame is on DUCA and not CRA.
I have been using the online access to check T5 since they started offering online access, and have not seen that happened in my account, touch wood.

April 25, 2021
12:35 pm
balanced_gic_porfolio
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savemoresaveoften said

if DUCA does not labelled the amended one as "amended"

I can confirm that the T5 slip I received from DUCA had an amended label on it.

Also, after reading this thread about top-ups vs receiving another slip for the full T5 amount, initially I had the same reservations of some posters on this board--but when you use ReFILE you simply access the previously filed T5's and then amend the T5 linked to DUCA. By entering the new total amount indicated on the T5, you essentially "top up" the amount manually.

The process to resolve this was pretty painless and seamless, actually. After calling DUCA this week they also assured me that they communicated and fully briefed the CRA on the matter, so I am hopeful that this matter is settled. I have been with DUCA for 7 years and usually they don't make such errors, hopefully it is a one off because of the computer system upgrade. Hope it helps some.

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