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Level 1
May 8, 2024
Question

fill in T5 with Profile

  • May 8, 2024
  • 1 reply
  • 1 view

If  the song writer received the royalty payment ,but no T5 was issued by the company, need the writer fill in T5 slips?

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1 reply

Level 4
May 8, 2024

A T5 is only to be issued by the PAYER of the funds, not the recipient.  The songwriter needs to keep track of all payments - hello, Excel - but does not him/herself fill out any slips.  However, the amount received does have to be reported on the T1, presumably on a T2125 or you can use the "OtherIncome" tab to sort out where you want the income reported.

 

Jo