This solution worked for me as well. I ran the cnmnpu.exe file the reran the MP driver software for the MG5500 series printer. Printer working great now. No more problems.
I'm having this same problem. I'm running win 10 on my laptop trying to install software and drivers for wirelss connection to Canon PIXMA MG5520 printer and receive MP Drivers Cannot create new port. I have another laptop running the same sofware ...