As you get organized to prepare and file your taxes, you will be inundated with slips from various sources of income you generated during the tax year. Following is a list of some of the more common slips and why you may have received them:
- T4 Statement of Remuneration Paid – This is the most common slip and one that most employees are familiar with. The slip is prepared and filed by the tax payer’s employer. It shows your employment income, CPP/EI contributions and income tax paid during the year.
- T4A Statement of Pension, Retirement, Annuity, and Other Income – There are many reasons that someone may receive a T4A slip. Some of the income types that result in you receiving this slip include:
- Pension
- Self-employed commissions (i.e. real estate representatives)
- Annuities
- RESP assistance payments
- Research grants, scholarships, medical travel assistance
- RDSP income
- Death benefits
- T4A(OAS) Statement of Old Age Security – If you are receiving OAS, you will receive this slip to report the income and any tax withheld.
- T4A(P) Statement of Canada Pension Plan Benefits – If you received CPP, you will also get this slip to report the income and any tax withheld.
- T4E Statement of Employment Insurance and Other Benefits – If you received employment insurance benefits (i.e. lost your job or were on maternity leave), you will receive a T4E to report the benefits you received and the tax that was withheld.
- T4RIF Statement of Income from Registered Retirement Income Fund – This slip is issued to a tax payer who received payments from a RRIF account during the tax year.
- T4RSP Statement of RRSP Income – This slip is used to report amounts withdrawn from your RRSP and tax that was already paid on the withdrawal. The slip will be issues by the administrator of the RRSP.
- T5 Statement of Investment Income – This slip is used to report income from interest, dividends and certain foreign income. This slip is issued by the financial institution that your investments are with.
- T5007 Statement of Benefits – This slip is usually issues if you receive WSIB, social assistance or government supplements (i.e. GIS). The income on this slip is generally not taxable, but is used to calculate some credits (i.e. GST credit, child benefit).
- T5008 Statement of Securities Transactions – This slip reports amount paid or credited to you for securities you purchased or sold during the tax year. Types of securities that result in a T5008 include bonds, debentures, promissory notes, shares in public companies, mutual funds, T-bills. The taxpayer is responsible to track all purchases and sales to determine any capital gains or losses incurred.
- T3 Statement of Trust Income Allocations and Designations – This slip reports income received from the estate of a deceased person, investment income in a non-registered mutual fund or a personal trust.
- RC62 Universal Child Care Benefit Statement – This is for the child care benefit that you received during the tax year. You receive $160/month for each child under six and $60/month for each child from six to 17.
- RRSP Contribution Receipt – This is not a slip, but a receipt for the contribution that you made to the your RRSPs. You will receive one slip for the first 10 months (Mar to Dec) of the tax year and another for the first 60 days of the following year (the period before the RRSP contribution deadline).
I hope you found this list useful. If you have received a slip and are not sure what to do with it, contact us for assistance.