T5 slips must be issued for certain types of payments made to residents of Canada.
Some of these payments include:
- dividends
- interest
- certain income from a life insurance policy
- royalty payments
T5 slips issued by UBC almost exclusively relate to royalty payments to Canadian residents for the use of a work or an invention.
The preparation and issuance of T5s is managed by Financial Operations (Accounts Payable). The slips are due on the last day of February after the calendar year to which the T5 applies.
Further information on T5 reporting can be found on the Canada Revenue Agency website.
If after filing a T5 slip with your taxes you realize an error was made, you will have to amend the T5 slip.