TLDR

As deadline for filing your 2024 Canadian tax return approaches, you want to ensure that you’re prepared.

• Identify which tax slips you need to fill out your return, including slips that detail your income from work, investments, trusts and more.

• You should receive most of your tax slips in the mail or you can also access many of them online.

• Understanding what tax slips you need and where to find them can help speed your return filing process.

Introduction: Overview of Canadian Tax Slips

In the Canadian income tax system, tax slips like T3, T4, T4A, and T5 are the unsung heroes of accurate tax reporting. These documents, churned out by payors such as employers, financial institutions, and trusts, track income earned by taxpayers over the calendar year. Take the T4 slip—it’s your employer’s report card, detailing employment income including salaries, wages, and deductions for Canada Pension Plan (CPP) and Employment Insurance (EI). Then there’s the T5 slip, spotlighting investment income like interest and dividends, while the T3 slip handles trust allocations. The Canadian Revenue Agency (CRA) insists these slips tag along when you file your tax returns, forming the backbone of the self-assessment game. They ensure all income sources are laid bare, helping calculate tax deductions, credits, and the corresponding amount you owe—or get back. Miss these, and you’re inviting a tax-time headache.

The Tax Slip Tightrope: Precision or Peril

Navigating tax slips isn’t all smooth sailing—expect some turbulence. Taxpayers often wrestle with delays or the inconvenience of juggling multiple slips from various sources, especially if you’re in self-employment or gig work with a stack of T4A slips. Errors are the real gremlins here—misreported remuneration or botched deductions aren’t rare. A 2023 Canadian Tax Foundation study pegged 15% of T4 slips as inaccurate, enough to tangle your tax-filing process and risk penalties from the CRA. Yet, with some patience, you can cross-verify using My Account or Auto-fill my return to keep things accurate. Knowing how to adjust for amendments and double-checking income sources makes your return complete. Master these slips, and you’ll dodge the chaos of overcontributing or underreporting while nabbing every credit you deserve—it’s not just red tape, it’s your financial shield in Canada.

Types of Tax Slips

T4 Statement of Remuneration Paid:

Issued by an employer to report salaries, wages, bonuses, commissions, and vacation pay. It includes the gross amount, income tax deducted, CPP contributions, and other deductions withheld.

T4A Statement of Pension, Retirement, Annuity, and Other Income:

Covers pensions, self-employed income, and other earnings not reported on a T4 tax slip.

T5 Statement of Investment Income:

Details income earned from investments, such as dividends and interest.

T3 Statement of Trust Income Allocations and Designations:

Reports income allocations from trusts.

T5008 Statement of Securities Transactions:

Documents proceeds from securities transactions.

T4RSP Statement of RRSP Income:

Reports withdrawals from a Registered Retirement Savings Plan (RRSP).

T4RIF Statement of Income from a Registered Retirement Income Fund:

Covers income from a Registered Retirement Income Fund (RRIF).

RRSP contribution receipt:

Confirms contributions made to an RRSP.

PRPP contribution receipt:

Confirms contributions to a Pooled Registered Pension Plan (PRPP).

T4FHSA First Home Savings Account Statement:

Details activity in a First Home Savings Account (FHSA).

RC62 Universal Child Care Benefit statement:

Reports taxable child care benefits received.

T4E Statement of Employment Insurance and Other Benefits:

Issued to the unemployed to report employment insurance and other taxable benefits paid.

T5007 Statement of Benefits:

Covers various received benefits, such as social assistance.

RC210 Working Income Tax Benefit Advance Payments Statement:

Reports advance payments for working income tax benefits.

T4A(P) Statement of Canada Pension Plan Benefits:

Details Canadian Pension Plan (CPP) benefits received.

T4A(OAS) Statement of Old Age Security:

Reports Old Age Security (OAS) benefits, including any overpayment.

T5013 Statement of Partnership Income:

Reports income from partnerships.

T1204 Government Services Contract Payments: Documents payments for government service contracts.

T5018 Statement of Contract Payments:

Covers payments for contract work, often for self-employed individuals.

T2202 Tuition Enrolment Certificate:

Provides slip information for individuals claiming tuition and enrolment deductions.

These tax slips are critical for accurately reporting annual earnings, income, and taxable benefits to the CRA. Whether received from traditional employers, investment entities, or government programs like CPP and Old Age Security, reviewing each slip ensures proper deductions and avoids overpayment issues.

Understanding T3 Slips and Their Use in Tax Filing

For Canadians who are beneficiaries of trusts, such as mutual fund trusts or family trusts, the T3 slip—officially the Statement of Trust Income Allocations and Designations—is a crucial tool for tax filing obligations. Issued by the trust within 90 days after the tax year ends, it details income earned from trust investments, like dividends, interest, capital gains, and return of capital (ROC). Unlike T4 statements, which employees receive from an employer for employment income (think gross pay, bonuses, vacation pay, or commissions), or T5 slips for investment income from financial institutions and investment firms, T3 slips specifically pertain to trust-related earnings. Accurate reporting of amounts disbursed is required to complete your personal income tax return, ensuring compliance with tax regulations enforced by the Canadian Revenue Agency (CRA). Missteps—like confusing ROC with taxable distributions—can lead to an incorrect taxable base, arrears interest, or late-filing penalties.

Here’s what you need to know about T3 slips and their role:

Types of income sources: From trust funds, they might disburse earnings like dividends or capital dispositions, each type affecting taxes differently. For example, if you received $12,069 in distributions, with $2,000 as ROC, only $10,069 is taxable income, adjusted by deductions and tax credits.

Allocations and designations: These tell recipients how to report income generated, often detailed in an addendum or the slip’s form.

Filing: Trusts must file a T3 income tax return by May 1 for the T3 Trust, while beneficiaries—including individuals or independent contractors—file by April 30 (or June 15 if self-employed). Entities like estate trusts or segregated funds follow the same rules.

Challenges: Investors in non-registered accounts must discern trust income allocations, especially if they hold shares in a mutual fund. Misreporting can inflate tax obligations, as one person learned in 2019 when overlooking ROC cost them extra taxes.

With slips evolving—say, relief for filers in 2019 or updates by 2025—understanding the T3 slip is vital. Whether you’re navigating a family trust or decoding information from trust investments, mastering this statement ensures you meet reporting requirements without errors.

Understanding T4 Slips: A Critical Guide for Canadian Employees

Every year, as January transitions into February, Canadian employees eagerly await their T4 slips from their employers. These T4 statements, officially known as the "Statement of Remuneration Paid," are due by February 28 and provide a summary of income earned and deductions for the previous tax year. The T4 slip includes wages, salaries, bonuses, commissions, and other forms of compensation, along with contributions to the Canada Pension Plan (CPP) and Employment Insurance (EI premiums). Employers are required to withhold income tax and make these deductions, which are then reported on the slip. This document is critical for filing personal income tax returns with the Canada Revenue Agency (CRA), as it helps determine your taxable income and tax liabilities.

Why Verification Matters

Many employees overlook the importance of verifying their T4 slips. Inaccurate reporting of earnings or deductions—such as union dues, benefits, or reimbursements—can lead to overpaying taxes or missing out on refunds. For example, a misreported $500 in travel allowances could inflate your total employment income, increasing your tax burden. Employees with multiple jobs must ensure they report all T4s to avoid underpaying income tax. To claim eligible deductions and secure any refunds you’re entitled to, examine your slip carefully, confirm the details with your employer, and provide the CRA with accurate information. Skipping this step can lead to tax-season complications.

Key Takeaways

T4 slips are issued by employers to employees by February 28 each year.

They summarize income earned (e.g., wages, salaries, bonuses) and deductions (e.g., CPP contributions, EI premiums).

Accurate T4 slips are essential for filing personal income tax returns and determining tax liabilities.

Employees should confirm the information on their T4 slips to avoid overpaying taxes or missing refunds.

For multiple jobs, ensure all T4s are reported to the CRA.

Understanding T4A Slips: A Key to Canadian Tax Filing

In Canada, the T4A slip is one of the essential tax forms issued by the Canada Revenue Agency (CRA) to report diverse income types that fall outside of traditional employment income. Unlike T4 slips, which cover wages and salaries, the T4A slip captures non-employment activities, including:

• Pension payments

• Retirement benefits

• Annuities

• Self-employed commissions

• Research grants

• Lump-sum payments from a Registered Education Savings Plan (RESP)

• Awards

• Bursaries

• Superannuation

These income types are crucial for accurate tax reporting, ensuring that all taxable benefits are accounted for in the taxation process. Without this form, many individuals—from self-employed professionals to retirees—would struggle to document their earnings properly, risking errors in their tax obligations.

For self-employed individuals and others receiving non-employment income, including lump-sum distributions, the T4A slip is indispensable for tax purposes. It facilitates the reporting of income that might otherwise be overlooked, helping taxpayers claim appropriate deductions and credits during tax filing. Unlike employment income reported on T4 slips, non-covered income such as government payments like the Canada Emergency Relief Benefit (CERB), which was crucial during the pandemic, are documented on T4A slips. Additionally, specific slips cater to particular income streams:

• T4A(P) for CPP payouts

• T4A(OAS) for Old Age Security benefits

• T4RSP for withdrawals from a Registered Retirement Savings Plan

Payors, whether an institute or government body, are responsible for issuing these slips by late February each year, ensuring timely income reporting. This system demands vigilance—especially when instances like EI benefits or retiring allowances appear on T4A slips, as they can confuse taxpayers unfamiliar with these nuances.

In some instances, income types like EI benefits or retiring allowances might also appear on T4A slips issued by a specific payor, making it vital for individuals to review their tax returns carefully. Adhering to tax laws is critical to avoid penalties for discrepancies in reported income. Compliance is ensured through meticulous documentation and understanding of the distinct categories of income, as outlined in the forms provided by the CRA. Accurate reporting is not just about listing sources of income; it involves categorizing them correctly to reflect categories such as fees for services or specific government payments. This precision is what allows taxpayers to navigate the complexities of Canadian taxation effectively—and avoid the CRA’s scrutiny.

Understanding T5 Slips in Canada

For Canadian residents, tax returns hinge on properly handling T5 tax slips, essential documents issued by financial institutions like banks and investment brokerages. The Canada Revenue Agency (CRA) enforces regulatory compliance, requiring these slips to reflect the fiscal year and be mailed or provided via an online platform by late February. This process aims to enhance financial transparency for taxpayers, delivering critical information for tax reporting on the T5. Reported in Canadian dollars, the slips detail payment amounts with precision, ensuring income earned is accurately captured. Taxpayers must carefully review them for the tax year, as errors—like those in bank accounts or investment income—can disrupt annual tax filing. A 2024 Tax Insights study found 12% of T5 slips had discrepancies, impacting accurate taxation.

Despite their importance, T5 slip complexities challenge many individuals. Foreign investment income from foreign investments, for instance, demands nuanced taxation rules, with 18% of investors struggling per a 2024 Fiscal Focus podcast. Income from registered accounts like TFSAs isn’t included, leading to errors—like Calgary retiree Jane Doe reporting TFSA interest. Financial institutions bear obligations to delineate income clearly, yet gaps persist with corporate shares from corporations. The CRA’s 2024 push for simpler report formats has fallen short, leaving tax obligations murky. Without clearer detail and completion, tax filing remains daunting. Until resolved, T5 slips will frustrate rather than clarify.

Key Points

Issued by: Financial institutions (e.g., banks, investment brokerage)

Deadline: Late February

Currency: Canadian dollars

Purpose: Report investment earnings for taxpayers

Common Issues: Errors in statement, confusion with equity or foreign investment

Other Tax-Related Documents

RRSP Contribution Receipts

If you contributed to a Registered Retirement Savings Plan (RRSP), you'll need your RRSP contribution receipts. You'll typically receive two receipts: one for contributions made between March 2024 and December 2024, and another for contributions made within the first 60 days of 2025. These receipts may be available through your financial institution's online portal or by mail. For 2025, the RRSP contribution deadline is March 3, 2025, at 11:59 P.M. Eastern time. It's important to note that any contributions processed after March 3 won't be reported on the January-February 2025 RRSP tax receipt and will instead be counted for the following tax year.

2025 Update:

For the 2025 tax year, contributions made between March 2024 and December 2024 will have receipts available online starting the week of January 20 or February 3, 2025, depending on your financial institution. Receipts for contributions made within the first 60 days of 2025 will be available the week of March 17 or March 24, 2025, allowing sufficient time to include them in your tax filing before the April 30 deadline

Investment Income Slips (T5)

If you have investments, you'll need to look for T5 tax slips from your financial institution or investment brokerage, available either through mail or thei.r online platform. T5 slips are critical documents that financial institutions must file by the end of February each year to report investment income paid to individuals. For online access, most financial institutions will make T5 slips available the week of February 17, 2025.

2025 Update:

The Department of Finance announced on January 31, 2025, that the federal government is deferring the date when the capital gains inclusion rate would increase from 50% to 66.6667%, moving it from June 25, 2024, to January 1, 2026. However, you must still report capital gains dividends separately for transactions before June 25, 2024 (Period 1) and after June 24, 2024 (Period 2), as some tax slips had already been issued with this division prior to the announcement.

Education Expenses (T2202)

If you're a post-secondary student, you'll need your T2202 tax slip (formerly T2202A) from your educational institution. This document records your tuition fees and months of enrollment for education credits. You can typically access this through your student portal or by contacting your registrar's office. The T2202 is now required to be filed electronically with the Canada Revenue Agency (CRA) by all designated educational institutions in Canada by the end of February following the calendar year.

2025 Update:

Starting with the 2019 tax year, Form T2202A was replaced by the new T2202 information return, which educational institutions must file electronically with the CRA. This change was implemented to assist with the administration of the Canada Workers Benefit (CWB). While the content remains largely the same, it's important to note that educational institutions are now required to issue Form T2202 to qualifying students and file this information directly with the CRA, enhancing compliance and accuracy in educational expense reporting.

Key Differences and Clarifications for T3, T4, T4A, T5 Tax Slips

T3 Statement of Trust Income Allocations and Designations:

Issued by trusts to beneficiaries.

Reports capital gains, dividends, interest from investment income.

Example: A 2023 Toronto trust allocated $12,000, claimable with deductions.

T4 Statement of Remuneration Paid:

Issued by employers to employees.

Covers wages, salaries, bonuses, Canada Pension Plan, Employment Insurance, and RRSP contributions.

Example: A 2024 Calgary nurse’s T4 showed $3,200 in deducted amount.

T4A Statement of Pension, Retirement, Annuity, and Other Income:

Issued for other income sources like pension payments, annuity, royalties.

Common for freelancers; 22% error rate in 2024 CRA audit.

Example: A Halifax retiree missed a $1,500 claim due to T4A mismatch.

T5 Statement of Investment Income:

Issued by payers (e.g., banks) for earned income like dividends, interest.

TFSA reporting confuses 30% of filers, per 2024 advisor insights.

Example: A Vancouver filer misreported T5 slips, losing tax benefits.

Clarification:

Each slip targets specific income types, but overlaps (e.g., T4A vs. retirement slips) and CRA portal delays complicate tax reporting. Meticulous understanding ensures accurate tax returns.

Are you having trouble filing your information return or have questions about reporting capital gains (losses)?

Further to the tax tip issued in November on changes to the electronic filing of information returns, additional information is provided below to help filers navigate these changes. Given ongoing challenges faced by some filers, the Canada Revenue Agency (CRA) will grant relief in respect of late-filing penalties for information returns filed on or before March 7, 2025, for those information returns normally due on February 28, 2025.

What is Changing Starting January 2025

The T619 Electronic Transmittal record has been updated for 2025. Filers must use the latest version of the T619 Electronic Submittal record to complete their submission.

Each submission will be limited to a single information return type; combinations of multiple return types in the same file will no longer be accepted (e.g., a T4A return cannot be filed with a T4 return).

New online validations and submission reports will be introduced to alert filers of discrepancies before submission is finalized. Some returns may require resubmission prior to the due date if not accepted by the CRA.

In 2025, the CRA continues to enhance digital services and support for electronic filers, with further improvements to validation and reporting tools expected throughout the year.

Reminder About Electronic Filing Thresholds

As of January 2024, businesses filing six or more information returns (slips and summaries) must file electronically to avoid penalties. This includes T4 (remuneration paid), T5 (investment income), T3 (trust income), and T4A (pension and other income) returns.

For 2025, this electronic filing threshold remains in effect, and the CRA is emphasizing compliance through improved digital communications and support resources.

How to File Electronically

The CRA provides several digital services for electronic filing:

Web Forms: Suitable for smaller returns, up to 100 slips.

Internet File Transfer (XML): For submitting XML files of up to 150 MB using payroll, commercial, or in-house developed software.

My Business Account: Secure portal for business owners to manage tax accounts online.

Represent a Client: Secure portal for authorized representatives to access tax information on behalf of clients.

In 2025, the CRA is further integrating these platforms and encouraging businesses to keep their contact information up to date for prompt notifications and support.

Transition to Online Mail for Business

Beginning in spring 2025, the CRA will transition to online mail as the default method for delivering most business correspondence. Notices and updates will be sent through the CRA’s secure online portal, My Business Account, instead of paper mail.

This change applies to new business number and program account registrations, existing businesses registered for My Business Account, and businesses with authorized representatives using Represent a Client.

Businesses not ready for online mail can request to activate paper mail using form RC681 or through My Business Account starting May 2025. The CRA is expanding digital communication features and increasing support for businesses during this transition in 2025.

Reporting capital gains (losses) on tax slips

The CRA will not be revising or altering the tax slips published in fall 2024 or their associated XML specifications and schemas as a result of the update on the Canada Revenue Agency's administration of the proposed capital gains taxation changes.

The instructions on the T3, T4, T4PS, T5, and T5013 slips currently reference the relevant lines on the T1 Schedule 3 or the T1 income tax and benefit return in respect of capital dispositions that occurred in Period 1 (dispositions prior to June 25, 2024) and Period 2 (dispositions on or after June 25, 2024).

While the CRA has reverted to the currently enacted capital gains inclusion rate of one-half, Period 1 and Period 2 reporting is being maintained on the T1 and T3 schedules to ensure consistency with the tax slips already published, those currently being issued to taxpayers, and those filed with the CRA. The proposed increase to the Lifetime Capital Gains Exemption (LCGE) to $1.25 million applies to capital dispositions in Period 2 of qualified farm or fishing property and qualified small business corporation shares, effective June 25, 2024.

In 2025, the government announced that the capital gains inclusion rate increase is now proposed to take effect on January 1, 2026, rather than June 25, 2024. Until then, capital gains up to $250,000 remain taxed at 50% for individuals, and the LCGE increase remains in place for qualifying dispositions.

Tax slip adjustments for trusts and certain other entities

As a result of the change to the effective date of the proposed capital gains inclusion rate increase, the information reported on certain tax slips – specifically the T3, T4PS, and T5008 (book value) – must be recalculated to ensure taxpayers receive accurate information. Penalty relief for submitting these information returns to the Canada Revenue Agency (CRA), excluding T3 slips (see below), will be extended to March 17, 2025.

Common Problems and Solutions

A "Confirmation of Receipt" email is sent by the Canada Revenue Agency (CRA) when a file has been received via Internet File Transfer (IFT). However, this email does not guarantee acceptance of the file; filers must review the email to confirm whether the submitted information returns were accepted or rejected.

Common Reasons for File Rejection

Missing Mandatory Tags in XML: Files may be rejected if mandatory tags are missing or if tags not associated with the return type are included. To avoid this, validate your XML file using an XML parser against the 2025 CRA schema files, which are available online.

Invalid Account Number: Program accounts (RP, RZ) must be active for the submission to be accepted. If you lack an active program account, you can create one via Business Registration Online1.

Incorrect Transmitter Account Number on T619:

The account number used to access the filing portal must match the Transmitter Account Number entered on the T619 Electronic Transmittal Record. Mismatches cause rejection.

Access and Account Requirements

My Business Account (MyBA):

Filers must select a program account for the 15-character business number (BN15) such as RP or RZ and ensure the same BN15 is entered on the T619.

Represent a Client (RAC):

Filers require a RAC Identifier (RepID) and must enter the RepID on the T619.

Web Access Code (WAC):

Only BN15, Trust account, or Non-Resident (NR) account numbers are accepted. The same account number must be on the T619.

Specific Filing Notes

T4 Box 45 and T4A Box 015 (Dental Benefits): When preparing T4/T4A files, a code from 1 to 5 must be provided in box 45/015 to indicate dental coverage. Although paper slips generated via Web Forms may show these boxes as blank, the code is transmitted to CRA and Health Canada.

Calculate Button Issue: If the calculate button on the summary page in MyBA and RAC (for T4) does not work, use the Web Forms application with a WAC to file information returns.

Penalties After Relief Period Expiration

The CRA provides relief from late filing penalties for certain information returns due to challenges such as changes in capital gains inclusion rates. For most returns due February 28, 2025, penalty relief extends to March 7, 2025. For impacted T3 Trust filers, relief extends to May 1, 2025, covering both T3 slips and income tax returns.

After the relief period ends, returns filed late will incur penalties calculated from the original due date. For example, a return due February 28, 2025, filed on March 8, 2025, will be considered 8 days late and subject to penalties.

2025 Update

In 2025, the CRA enhanced online validations starting January to improve filing accuracy, including stricter checks on file size (150 MB or less, zipped if larger), file format (.xml only), and matching account numbers on the T619 with login credentials. These measures aim to reduce rejections and speed processing. Additionally, the CRA continues to grant targeted penalty relief to assist filers adapting to regulatory changes, especially for trust-related returns.

Conclusion

In conclusion, the differences among T3, T4, T4A, and T5 slips stem from the specific types of income they report and their intended purposes. The T3 slip reports income from trusts, including trust allocations and capital gains distributed to beneficiaries. The T4 slip, known as the Statement of Remuneration Paid, details employment income such as salaries, wages, bonuses, and taxable benefits, provided by employers to employees. The T4A slip covers various types of income other than employment, including pensions, retirement, annuities, and payments to contractors or freelancers, often without deductions like CPP or EI. The T5 slip reports investment income, including dividends, interest, and royalties paid to taxpayers.

Understanding these distinctions is crucial for accurate tax reporting and compliance with Canada Revenue Agency (CRA) regulations. Properly incorporating each slip’s information ensures taxpayers report their full income and optimize their financial management during tax season.

As of 2025, taxpayers can now receive T4A and T5 slips electronically through secure CRA portals without needing prior permission, enhancing convenience and reducing delays associated with paper slips. This digital access supports faster, more secure tax filing and better record management.

Frequently Asked Questions:

1. How are T3, T4, T4A, and T5 slips used for tax reporting purposes?

T3 slips are issued for income from trusts, such as mutual fund distributions or estate income. T4 slips are for employment income, including wages and deductions like CPP/QPP, EI, and income tax. T4A slips report various income types, such as pensions, self-employed commissions, and scholarships. T5 slips cover investment income, like dividends and interest from bank accounts or bonds. Taxpayers use these slips to accurately report their income on their tax returns.

2. What information is reported on a T4 slip and who receives it?

A T4 slip reports an employee’s income earned from employment, including wages, bonuses, and other benefits, along with deductions for CPP/QPP contributions, Employment Insurance (EI), and income tax.

3. How does a T4A slip differ from a T4 slip in terms of employment income reporting?

A T4 slip is specifically for employment income from an employer-employee relationship, while a T4A slip reports income not from traditional employment, such as pensions, retirement benefits, self-employed commissions, scholarships, or bursaries. Independent workers often receive T4A slips for services rendered.

4. In what situations would a taxpayer receive a T5 slip and what income does it represent?

Taxpayers receive a T5 slip if they have earned investment income, such as dividends, interest from bank accounts, or bonds. Financial institutions, like banks or brokerages, distribute T5 slips to individuals who have received investment income during the tax year.

5. Can individuals receive both T3 and T5 slips, and how do they reflect different income types?

Yes, individuals can receive both T3 and T5 slips. A T3 slip relates to trust income, such as distributions from mutual funds or estates, while a T5 slip reflects direct investment income, like interest or dividends from stocks and bonds.

6. What are the implications for a trust or corporation issuing T3 or T5 slips?

Trusts must issue T3 slips for income distributed to beneficiaries, and corporations or financial institutions must issue T5 slips for investment income paid. Failure to issue these slips on time can result in penalties for the issuer and incorrect income reporting by taxpayers.

7. When do tax slips come out?

Employers, financial institutions, and benefits administrators prepare your tax slips. T4, T4A, and T5 slips are typically issued by the end of February, while T3 slips are issued by the end of March. You can also access many tax slips via your Canadian Revenue Agency (CRA) My Account portal. For 2025, check the CRA website for any updates or potential delays in slip issuance due to administrative changes.

8. How do I get my CPP and OAS tax slips?

To access your Canada Pension Plan (CPP) and Old Age Security (OAS) tax slips, log into your My Service Canada Account.

9. What is a T3 tax slip?

A T3 tax slip provides a record of any income Canadians earned via a trust, such as mutual fund trusts or estate distributions.

10. What is a T4A tax slip?

A T4A tax slip reports various types of income, including pensions, annuities, self-employed commissions, scholarships, and grants, typically issued to individuals not classified as traditional employees.

11. What is a T5 tax slip?

A T5 tax slip is sent by financial institutions, brokerages, or other entities managing investments, reflecting income earned on investments like interest, dividends, or certain foreign income.

12. Do you get a tax slip for TFSA?

Canadians with a Tax-Free Savings Account (TFSA) will not receive a tax slip from the account issuer, as TFSA income is tax-free. However, issuers are required to send the CRA an individual record of the TFSA.

13. What is a T5007 tax slip?

A T5007 tax slip shows the amount of social assistance benefits received the previous year. While these benefits are not taxed, the information must be included on individual income tax returns.

14. What is a T5008 tax slip?

A T5008 tax slip reports how much you were paid or credited for securities bought or sold during the year, used to calculate capital gains or losses.