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AFR and slips Dont match?


#1

I have a case in which the AFR downloaded 2 T5 slips from one issuer, client brought in just 1 slip which totals the two that CRA has on file.
What is best way to file return, match what CRA has or what client has?


AFR Changes
#2

Depends, is one of the slips an amended slip?


#3

no, all three are original.


#4

Use your professional judgment…


#5

Sorry, I read your question too quickly at first and ended up thinking you were asking a different question.

CRA will have a slip for every investment on file; however, your clients will get consolidated slip resulting in this exact situation. I tried to get Taxcycle to add some sort of reconciling option to their program; however, I guess that did not happen.

Therefore, the choice is up to you I guess, file the consolidated slip or use the AFR balances. As long as they match, I do not see any issues since CRA only gets the ending balance anyways, It would all depend on your internal system


#6

Thanks James, so the total matches therefore will not have any matching issues down the road. If this has always been the case then we would have filed with what client gave us.
To avoid any future correspondence I guess I will use the AFR info


#7

Yes, this has always been the case as far as I know so you will not have any issues with matching down the road.


#8

Taxcycle is allowing the T3 info downloaded to be aggregated into the consolidated T3. Maybe they will also allow this with the T5?


#9

I am just starting my T1 returns since most of my clients are investment holders, So how does that work Arliss?

Do you just keep selecting the same slip for import?


#10

As an example if you had one T3 for 4 funds you could direct the 4 downloaded slips to the same T3. ie. You can have multiple downloaded slips pointing to the same slip, unlike other slips.


#11

That is exactly what I was looking for. I guess Taxcycle did put that feature in. I guess I should have checked it out before posting.


#12

That’s right. We have added aggregation for the T5008 in the next release and I could do T5 as well.

By our reading of the CRA documentation for T5 preparation and submission, aggregation of T5 should not be required. But I’m hearing that the real world disagrees…


RBC T5 slips Missing from AFR
#13

I believe that you need the ability to aggregate the AFR T5’s to one slip as well.


#14

I agree. I just did an AFR where the Royal Bank issued one slip, but it was broken into two on AFR.


#15

Without the benefit of having someone with some design talent help me, here’s what I’ve done based on the feedback so far:

  1. T5 and T5008 slips can now be aggregated like T3 slips.

  2. For slips, you can now import just the AFR column, and not populate the current year values by un-ticking the checkbox circled in red. (Regardless, we only overwrite the current year values when that column is blank… if you’ve already entered slip data, we just highlight the differences between what you’ve got and what CRA has)

  3. Click the hyperlink circled in blue to set all the T3/T5/T5008 slips to “Do not import”. The type of slip impacted will change based on the row selected.

  4. Click the hyperlink circled in black to aggregate slips where the issuer names are all the same. For T5008, it will offer to aggregate slips where both the issuer name and the security are the same.

  5. Selecting an item from the drop down no longer advances to the next row, making it easier to preview your selection.

There may be more we can do next year. For now, I am limited to building on what we’ve done so far. Next year we have the option to throw this all away and do something different, if necessary. Maybe we need a different reconciliation view.

I’ll look forward to feedback. If anyone is interested in testing these improvements, please “like” this post. I can post a link to a build here Sunday morning… early comments would help us achieve our goal of a release on Monday.

Best,

~ Cameron


#16

just to let you know we are open today so if this will help you


#17

I assume we can aggregate groups of slips together and not all together.

Ie I could have five t5 slips in which 3 are related to one T5 the client gets and the other two relate to the other slip; therefore, I want to aggregate three slips to one slip and two to another.

I would like to test it out but I have a file that has a deadline tomorrow


#18

Yes… You can pick and choose the slips you want to aggregate, or you can use the “aggregate” hyperlink that will aggregate the currently selected slip with any others that have an identical issuer name (and security name, for T5008 slips).

~ Cameron


#19

Cameron have sent you an email with what I thought of the update
kevin