TAX SLIPS

Tax slips are information returns. A payer such as an employer, bank, pension plan, government department, brokerage or school prepares a slip for each recipient, gives one copy to the recipient and files a copy with the CRA. The slip shows the amount paid and any tax withheld. Because the CRA receives the same information, the income on every slip must appear on the recipient's return; the CRA's matching program automatically reassesses returns that omit slip income.

HOW SLIPS WORK

• Deadline for issue: most slips (T4, T4A, T5, T4E, T4RSP, T4RIF) must be issued by the last day of February. T3 slips and T5013 partnership slips are due by March 31 (90 days after a trust's year end).

• Box numbers: each box on a slip corresponds to a line on the T1 return or to a credit calculation.

• Auto-fill my return: slips filed with the CRA are available through CRA My Account and can be downloaded directly into certified tax software.

• Missing slips: the taxpayer must still report the income, using pay stubs or statements, and attach a note explaining the estimate. Waiting for a slip is not a reason to file late.

• Amended slips: issuers correct errors by filing amended slips; the taxpayer then requests a reassessment if the return has already been filed.

• Penalty for repeated omissions: failing to report an amount in any two years within four years can lead to a federal and provincial penalty of up to 10 percent each of the unreported amount.

PAGES IN THIS SECTION

• T4 Slip: employment income, deductions and taxable benefits.

• T4A Slip: pensions, self-employed commissions, scholarships, fees and other income.

• T4E Slip: Employment Insurance and other benefits.

• T4A(OAS) and T4A(P) Slips: Old Age Security and Canada Pension Plan benefits.

• T5 Slip: interest, dividends and other investment income.

• T3 Slip: income from mutual fund trusts, ETFs and other trusts.

• T5008 Slip: proceeds from sales of securities.

• T4RSP, T4RIF and T4FHSA Slips: withdrawals and income from registered plans, compared side by side. 

• T2202 Slip: tuition and enrolment.

OTHER SLIPS TO KNOW

• T5007: social assistance and workers' compensation benefits.

• T5013: share of income or loss from a partnership.

• RC210: Canada Workers Benefit advance payments.

• RRSP and PRPP contribution receipts: support the RRSP deduction rather than reporting income.

• Official donation receipts: support the charitable donation credit.

• NR4: amounts paid to non-residents and Part XIII tax withheld.