Please note this is not an exhaustive list of all Canadian tax documents. We only cover a few of the basics here. If you received a tax document and you are not sure what it is, contact either the Canada Revenue Agency or a professional tax consultant.
T4 Statement of Remuneration
This is the document that you would get from your employer claiming how much you earned in the calendar year. Specifically it would state your employment income, CPP/QPP contribution, EI premiums paid, RPP contributions if your employer offers a pension plan, income tax deducted, EI insurable earnings CPP/QPP pensionable earnings, how much in dues you paid if you work for a union, charitable donations made through your employer, and any pension adjustment made which is the value of benefits received through a pension.
T4A
This document covers a variety of income. To list all is beyond the scope of this article but we will name a few. Pension income from an employer, annuity income, self-employed commissions, and RESP payments. Reports amounts withdrawn from an RESP during the year.
Withdrawals include education assistance payments (EAP) to the beneficiary, and accumulated income payments (AIP) to the subscriber. Post Secondary Education or Non-Education Capital Withdrawal (NCW) payments are not reportable and will not appear on the T4A.
T4A (OAS)
T4A(OAS) is a tax slip that reports the income you received from the Old Age Security (OAS) program during the year. The OAS program is a monthly pension program provided by the government of Canada to eligible seniors who are 65 years of age or older and have lived in Canada for a certain number of years.
The T4A(OAS) slip reports the total amount of OAS benefits you received during the year, including any adjustments made to your OAS benefits. It also reports the amount of federal tax that was deducted from your OAS benefits and any voluntary tax withholdings you may have requested.
T4A (P)
A T4A(P) is a tax slip that reports the amounts of certain types of income that you received during the year as a result of your Canadian Pension Plan, an individual pension plan (IPP) or a registered pension plan (RPP).
The T4A(P) slip reports the total amount of pension income you received during the year, including any lump-sum payments, such as a commuted value of your pension plan. It also reports any other amounts that you received from the pension plan, such as death benefits, retiring allowances, or lump-sum payments.
T4E
A T4E is a tax slip that reports the amount of employment insurance (EI) benefits you received during the year. Employment insurance benefits are provided by the Government of Canada to eligible individuals who have lost their job through no fault of their own, such as due to a layoff or illness.
The T4E slip reports the total amount of EI benefits you received during the year, including any other types of benefits you received, such as maternity, parental, or sickness benefits. It also reports the amount of federal tax that was deducted from your EI benefits and any voluntary tax withholdings you may have requested.
T4RIF
A T4RIF is a tax slip that reports the amounts of income you received during the year from a Registered Retirement Income Fund (RRIF). The T4RIF slip reports the total amount of income you received from your RRIF during the year. This includes any regular payments you received as well as any lump-sum payments. It also reports the amount of tax that was withheld from your RRIF income by the financial institution that administers your RRIF.
T4RSP
A T4RSP is a tax slip that reports the amounts of income you received during the year from a Registered Retirement Savings Plan (RRSP). The T4RSP slip reports the total amount of income you withdrew from your RRSP during the year, including any regular payments or lump-sum payments. It also reports the amount of tax that was withheld from your RRSP income by the financial institution that administered your RRSP.
T3
A T3 is a tax slip that reports the amount of income you received during the year from trust funds. A trust is a legal arrangement in which one person or organization holds property for the benefit of another person or organization. Typically this income would be from a mutual fund. The income generated by a trust is generally distributed to the beneficiaries of the trust, who are the individuals or organizations that are entitled to receive the income.
The income generated by a trust is generally distributed to the beneficiaries of the trust, who are the individuals or organizations that are entitled to receive the income.
T5
A T5 is a tax slip that reports the amount of investment income you received during the year. It is typically issued by financial institutions, such as banks, credit unions, and investment firms, to their clients who have earned income from investments.The T5 slip reports various types of investment income, such as interest, dividends, and certain types of foreign income. It also reports the amount of tax that was withheld from your investment income by the financial institution.
T5008
A T5008 is a tax slip that reports the proceeds from the disposition of securities, such as stocks, bonds, and mutual funds. It is typically issued by financial institutions, such as brokers and investment firms, to their clients who have sold or redeemed securities.
The T5008 slip reports various information related to the disposition of securities, such as the date of the transaction, the number of securities sold or redeemed, and the total proceeds from the transaction. It also reports the adjusted cost base (ACB) of the securities, which is used to calculate any capital gains or losses that may be realized from the disposition.
T4PS
A T4PS is a tax slip that reports the amount of pension income you received from a registered pension plan (RPP) during the year. It is typically issued by your employer or pension plan administrator if you are a retired member of an RPP.
The T4PS slip reports various information related to your pension income, such as the total amount of pension income you received during the year, the amount of tax that was withheld from your pension income, and any other amounts paid to you from the RPP.
T5007
A T5007 is a tax slip that reports the amount of social assistance payments you received from federal, provincial, or territorial government programs during the year. It is typically issued by the government agency responsible for administering the social assistance program.
The T5007 slip reports various information related to your social assistance payments, such as the total amount of social assistance payments you received during the year, the amount of tax that was withheld from your payments, and any other amounts paid to you from the social assistance program.
T776
A T776 is a tax form that is used by individuals who own rental properties to report their rental income and expenses for the year. It is also known as the Statement of Real Estate Rentals form.
The T776 form requires you to report various information related to your rental property, such as the address of the property, the number of units or rooms, the amount of rental income received, and the amount of expenses incurred to earn that income. Examples of expenses that can be claimed include mortgage interest, property taxes, insurance, utilities, repairs and maintenance, and management fees.
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Once you’ve filed your taxes you may be lucky enough to get a refund. To maximize your windfall make sure your sticking to a budget. To find out how to create and stick to a budget click here.