Timer's don't "fire" at exact intervals, they are processed via the normal Windows Message system which is not a real time system in any way, shape, or form. All you are guaranteed is that the timer tick event will not happen in less that the interval.
So the way to do a countdown is to set a class level DateTime to the end time:
private DateTime endsAt;
...
endsAt = DateTime.Now.AddMinutes(5);
Then in the Tick handler calculate how much is left:
void countDown_Tick(object sender, EventArgs e)
{
int secondsRemaining = (int) (endsAt - DateTime.Now).TotalSeconds;
myLabel.Text = secondsRemaining.ToString();
}