Basic and Standard are TurboTax CD/Download only products that don't exist in the Online version.

But assuming you mean that you are using Deluxe and it wants you to upgrade to Premier, then yes, you need to upgrade. The T5 is a Statement of Investment Income. Investment income is not included in Deluxe. You would need Premier or higher.

I want to upgrade to the premium version, I am set up with the standard version.

How can I upgrqde?

@MaggieM2 If you are using TurboTax Standard CD/Download and you want to upgrade to Premier, select Help > Upgrade from the top menu.