When a corporation has to prepare one
The CRA requires a T5 slip when you pay certain amounts to a resident of Canada. The list includes eligible dividends and other than eligible dividends, along with items such as interest, royalties and blended payments. For an owner-managed corporation, the usual trigger is a dividend paid to a shareholder.
You do not have to prepare a slip where the total paid to one recipient for the year is under $50, for capital dividends, or for amounts paid to non-residents, which follow separate rules. A recipient still reports income even if no slip arrives, so a missing slip is not a reason to omit it.
What the slip and summary show
Dividends are reported in separate boxes by type. For eligible dividends the slip shows the actual amount in box 24, the taxable amount in box 25 and the dividend tax credit in box 26. For other than eligible dividends the equivalent boxes are 10, 11 and 12. The recipient’s taxable amount goes on their return, and the credit is claimed with it.
The T5 Summary totals the amounts on all the related slips. One summary covers the whole account, and a person with signing authority must sign and date it.
Deadline and filing method
Both the T5 information return and the recipients’ copies are due by the last day of February following the calendar year, even if the corporation’s fiscal year ends at another time. When that date falls on a weekend or a holiday the CRA recognizes, the return is on time if received or postmarked by the next business day. For dividends paid in 2026, February 28, 2027 is a Sunday, so confirm the exact date on the CRA page.
If you file more than 5 slips for a calendar year, you must file over the Internet. A late T5 return carries a minimum penalty of $100 and a maximum of $7,500.
Illustrative example and what to ask
Illustrative example: a corporation pays its two shareholders $30,000 and $20,000 in dividends during 2026. It prepares two T5 slips, completes one T5 Summary with the totals and gives each shareholder a copy by the last day of February 2027. Eligible and other than eligible portions are reported in their own boxes.
Ask your accountant who prepares the slips, how the dividend type is recorded and whether you also paid interest that needs reporting. Keep the minutes, designation notices and a working copy of the summary.
Sources & editorial notes
Sources checked October 24, 2026. The examples are illustrative and provide general information. Discuss how the guidance applies to your circumstances with your accountant.
- T4015, T5 Guide – Return of Investment IncomeCanada Revenue Agency
- T5 information return: Due dateCanada Revenue Agency
- T5 SummaryCanada Revenue Agency
- T5 information return: Filing methodsCanada Revenue Agency
Rules and guidance can change. Use the current official source and confirm the treatment for your facts. To flag an error, contact Sora.