A Handy List of Tax Slips For Your 2023 Tax Filing
With the holidays and 2023 a ‘distant’ memory, the time has arrived to get ready for the next tax filing.
This years tax filing deadline is Tuesday April 30th, 2024. So, the sooner you file, the sooner you will receive your refund if one is owed to you.
This is not the time to procrastinate, to put off to tomorrow what can be done today!
Here is a handy list of all the information you need to have for the preparation of your tax return as it applies to you.
Tax Slips
There are a number of tax slips used in the Canadian tax filing system. From T3, T4 to T5, and more. These slips are typically sent out to recipients during the months of January and February, by employers, trusts, financial institutions, or the government.
By the end of February, everyone should have received their slips with the exception of the T3 which can be sent by the end of March of each year.
If you or your spouse are self-employed, the filing deadline is June 15th. However, any payment is due May 2nd. Good to remember!
Overview of Common Tax Slips
T4 Tax Slip
The well-known T4 slip is the most common one. It is issued by your employer. This applies to both hourly and salaried employees. This slip is a statement of the summary of your employment earnings and deductions for the year.
T4A Tax Slip
This slip is a statement of pension (such as CPP or OAS), retirement, annuity, and other income, such as self-employed earnings.
The T4A(P) is a statement of Canada Pension Plan benefits, and the T4A(OAS) is a statement of income from Old Age Security.
In addition, you may need a T4RIF slip that shows income from Registered Retirement Income Funds (RRIF) and/or a T4RSP showing money received out of your Registered Retirement Savings Plan (RRSP).
If you are self-employed you may receive a T4A from your client if this client views you as a consultant rather than a service provider. However, this client is not required to issue a T4A.
T3 Tax Slip
A T3 form is a statement that shows income allocations and designations of a trust. The T3 identifies beneficiaries, and it reports income and credits that a trust designates to those beneficiaries. There are three individual slips on a page of this form.
Other Less Common Tax Slips
T5 Tax Slip - Canadian residents have to report their various types of investment income in their tax filing. The T5 slips are used for this purpose.
T5007 Tax Slip - The T5007 is a statement of social benefits, such as social assistance and workers’ compensation. This income needs to be reported but is not taxable.
T2200 Tax Slip - The T2200 Conditions of Employment tax form is used when you are claiming the ‘work from home benefit’ or employment expenses.
T2201 Tax Slip - The T2201 Disability Tax Credit slip is the form you can use if you have a severe or prolonged impairment in physical or mental functions to apply for the disability tax credit. For more information check our article “Reduce Your Taxable Income With The Following Tax Deductions”.
T2202 Tax Slip - This tax form is called the Tuition and Enrolment Certificate. It is issued by an educational institution to a student to claim tuition fees, textbook costs, and other eligible educational amounts on their tax returns.
T5013 Tax Slip - The T5013 is a flow-through investment reporting form. In other words, this form allows an initial investment purchaser to claim a tax deduction that is equal to the amount invested.
Receipts for Tax Filing Purposes
Medical Receipts
The following expenses are eligible for tax filing purposes. Note that you must cross a self-insured threshold of the lower of either 3% of net income or $2,421.
Medical Prescriptions - If you do not have all the receipts of your medical prescriptions you can request a receipts print-out from your pharmacist.
Expenses for Eye Glasses
Hearing Aids
Dental Work
Chiropractic / Osteopathic Treatment
Registered Massage Therapists
Physiotherapy
Naturopathic Treatment
RRSP Receipts
Contribution slips apply both to your RRSP as well as your spousal RRSP. In order for RRSP contributions to be eligible for tax benefits, they will need to have been added by March 2nd. The amount you can contribute depends on the contribution room you have.
You can find more information on RRSPs in our previous article “Reduce Your Taxable Income With The Following Tax Deductions”.
Selling and/or Buying of Property
Principal Residence - If you have sold your principal residence in the tax year you’re reporting on, you must submit the date of the sale together with the selling price.
Investment Property - You will need a Statement of Adjustment from your lawyer to report details of the sale and purchase of the original investment property.
Repayment of Loans
Repayment amounts for both the Home Buyers Plan and the Lifelong Learning Program are required to be submitted in your tax filing. These are deducted from your RRSP contribution or added to your income if you don’t make the required payment.
For instance, if you have a Home Buyers Plan and you have to repay $1600 and your RRSP contribution is $1000, the shortfall of $600 will be included in your income.
Last But Not Least
In order for us to represent you at the Canadian Revenue Agency (CRA), we will need your signed authorization on a government-approved form, to give us permission to do so.
As always we are here for you!
Give us a call at 519-836-4145 to set up an appointment so we can file your taxes for you, and take the stress out of it. Our typical turn-around time is about 3 days. Your information must be in our office by April 25th for completion prior to the May 2nd deadline. After April 25 we work on a first-come-first-served basis.