Below Works with most Canon Range of printers.
By using this tool you can reset the waste tank counter and can sometimes reset the ink level monitors.I have included two procedures.

Method 1
1. Turn off printer
2. Hold down Resume button and press Power button.
3. Keep holding down Power button and let Resume button go.
4. Press Resume button 2 times then let BOTH buttons go.
5. Green lights will flash and then stop blinking.
6. When green lights are solid, press the Resume button 4 times.
7. Press the Power button and the printer should turn off, if not, press the Power button once more.
8. Your printer should respond as normal..

Method 2
First you need this tool : http://www.mediafire.com/?tjqe7q245cqn33m
Then the following steps:
Step 1:
enter in service mode in order to use the resetter:
Turn off the printer without pulling the power cords.
Hold down Resume button and press Power button.
Keep holding down Power button and let Resume button go.
Then Press Resume button 5 times then let both buttons go.
The Alternate Blinking error is gone: the printer is in Service Mode state.
Step 2:
Extract the resetter and double click “servicetool.exe”
Click Reload Button and you will get a new USB port.
Load some papers in your printer and press the “Main” Button, wait until it shows “error 001” then press OK.
Then press “EEPROM” button and the printer will print some text, after that click OK
Then power off the printer (sometimes you have to press twice the power button to turn off) and turn on again.
That’s done.
I hope this helps anyone who has a issue with the Error codes. You can usually reset it 2 times before it will actually overflow. It can also assist in re-setting error codes