We present results from a spectroscopic survey of z~5 quasars in the CFHT Legacy Survey (Cat. II/317). Using both optical color selection and a likelihood method, we select 97 candidates over an area of 105 deg^2^ to a limit of i_AB_<23.2, and 7 candidates in the range 23.2<i_AB_<23.7 over an area of 18.5 deg^2^. Spectroscopic observations for 43 candidates were obtained with Gemini, MMT, and Large Binocular Telescope, of which 37 are z>4 quasars. This sample extends measurements of the quasar luminosity function ~1.5 mag fainter than our previous work in Sloan Digital Sky Survey Stripe 82. The resulting luminosity function is in good agreement with our previous results, and suggests that the faint end slope is not steep. We perform a detailed examination of our survey completeness, particularly the impact of the Ly{alpha} emission assumed in our quasar spectral models, and find hints that the observed Ly{alpha} emission from faint z~5 quasars is weaker than for z~3 quasars at a similar luminosity. Our results strongly disfavor a significant contribution of faint quasars to the hydrogen-ionizing background at z=5.
