T4, T4A, T5: What Your Tax Slips Mean (and What to Do If One Is Missing)

Every spring, Canadians receive a pile of tax slips. Each one reports a different kind of income, and the CRA receives a copy of every slip. That means if a slip is missing from your return, the CRA will usually notice.

The most common slips

• T4: Statement of Remuneration Paid. Your employment income, plus the income tax, CPP and EI deducted from your pay.
• T4A: Pension, Retirement, Annuity and Other Income. Used for many types of income, including pensions, some scholarships and fees paid to self-employed people for services.
• T5: Statement of Investment Income. Interest and dividends from bank accounts, GICs and shares held outside registered accounts.
• T3: Statement of Trust Income. Income from mutual funds and other trusts.
• T5008: Securities Transactions. Sales of investments, used to report capital gains and losses.
• RRSP and FHSA contribution receipts for your deductions, and T2202 for tuition.

When do slips arrive?

Employers and payers must send T4, T4A and T5 slips by the last day of February. T3 slips often arrive later, usually by the end of March, so don’t file too early if you have mutual funds outside an RRSP or TFSA.

What if a slip is missing?

1. Check CRA My Account. Most slips appear there once the payer files them.
2. Contact the payer for a copy.
3. Still missing at the deadline? Report the income anyway using your pay stubs or statements. Leaving income off can lead to a reassessment and, for repeat omissions, a penalty.

For business owners issuing slips

If you have employees or pay yourself a salary or dividends from a corporation, you’re responsible for filing T4 and T5 slips and summaries with the CRA by the last day of February. Late slips can mean penalties.

Not sure what to do with a slip? See our plans and pricing or contact Wealth Street Services. We’re in Brampton and serve clients across Canada.

Sources

• Canada Revenue Agency: Important dates for individuals

This article is general information, not tax or financial advice. Rules and amounts change, so confirm details with the Canada Revenue Agency or speak with our team about your situation.