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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.

July 21, 2021
8:15 pm
Oscar
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Londonguy said

I got the same email from DUCA, but not until long after I had already filed.

Just go ahead and file your taxes based on the information you have. Then wait for DUCA to file their amendment and for CRA to do their thing in response. Since the mistake was the fault of the issuing party (DUCA) and not you, CRA isn't going to do anything other than possibly send you a re-assessment notice in the summer asking for a couple of extra bucks of tax on the few dollars of income DUCA failed to report.

If you do receive such a notice a few months from now, as long as you pay the amount that CRA requests within the time frame they set, there will be no penalty and no interest charge to you. You get the notice, you pay up, and you're done. I've been issued these types of notices before and it's no big deal.

It's also quite possible that because of the prohibitive cost of re-assessing people for small amounts of unreported income just to retrieve a dollar or two of tax, CRA might not even bother doing it for individuals where the discrepancy is below a certain amount. In the meantime there's nothing you can do except carry on and not be surprised if a notice shows up one day  

I should have taken your advice. but It seemed like such a simple thing to file an adjustment. It wasn't.
I filed before the amendement fiasco came to light and when I recieved my assessment I mailed in a paper adjustment with the amended T5. It was only an extra 20 dollars but I wanted to wrap things up for this return.
Today I received the reassessment. The feds did some good work here. They added the 20 to the total and then added the original total again and sent me a bill for about 2 grand ! I was somewhat amused at the stupidity but the laughs wore off after about an hour on hold.
Finally spoke with someone who said he would take care of it but after about another half hour he said I would again have to send in an adjustment with a long explanation . He couldn't do anything because he said they didn't have a copy of the amended T5 from Duca. Not impressed Duca !

July 22, 2021
4:52 am
savemoresaveoften
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I had similar experience except CRA double counted a numbers of my receipts (they reassessed my return only cuz I phoned in months ago to confirm they received it as I forgot to put down tax center address on the paper return) and asked me for an extra $10k tax plus penalties on top. And to make it worse, my first and second fax went missing on their end (And each time I sent it, have to wait 30days+ to see if they actually rec it and assigned to my account). Only my third time using registered mail as proof did they acknowledged and then another 2 months after that for it to be reassessed. I have to spend hours to figure out what they did wrong (as I have multiple T4s etc) and did a long walk thru on paper to show exactly what and why THEY were wrong.
From start to finish, it took 1 year+ to have it resolved.

Not having the ability to go thru every single piece with them over the phone made my case even more difficult to explain / resolve. At the end they had to assign it to a senior staff and he agreed with everything I said re their double counting of T4s. And it has nothing to do with any of them duplicated in any way !

Your situation sound very simple and should be resolved in short order. My advice is do the online adjustment, not paper work. Good luck !

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