T4s, T4As, T5s & More: Which Canadian Tax Slips You Might Be Waiting On

Every tax season, the same question comes up.

“I think I have everything — but how do I actually know?”

It is a fair question. Canadian tax slips come from a lot of different places — your employer, your bank, the government, clients you worked for, investment accounts — and they do not all arrive at the same time or in the same format. If you do not know what you are supposed to be waiting for, it is easy to file with gaps and not even realize it.

This post is a plain-language guide to the most common Canadian tax slips, who issues them, what they report, and when you should expect them. Keep it handy as you pull your documents together this season.

When Do Tax Slips Have to Arrive?

Before getting into the slips themselves, here is the rule of thumb: most Canadian tax slips are required to be issued by the last day of February. That means by February 28 — or February 29 in a leap year — the majority of slips should either be in your mailbox, your online CRA account, or your email inbox if you have opted for electronic delivery.

There are a few exceptions, which we will note as we go through each slip. But if it is mid-March and something has not arrived, that is when you start following up.

The Most Common Tax Slips — and What They Mean

T4 — Statement of Remuneration Paid

The T4 is the one most people are familiar with. If you were employed by someone and received a paycheque with deductions taken off — income tax, CPP, EI — your employer is required to issue you a T4.

It reports your total employment income for the year along with all the deductions that were withheld. If you worked for more than one employer during the year, you will receive a T4 from each one.

Who issues it: your employer. Deadline: February 28. What to watch for: make sure the income reported matches what you actually earned. Errors happen, and they are easier to fix before you file.

T4A — Statement of Pension, Retirement, Annuity, and Other Income

The T4A covers a wide range of income types that do not fit neatly into a T4. If you did contract or freelance work, received pension income, were paid through a scholarship or bursary, or received certain government benefits, you may be waiting on a T4A.

For small business owners and self-employed individuals, this is the slip to pay close attention to. If you provided services to a business and were paid more than $500 in a calendar year, that business is required to issue you a T4A. Many business owners do not realize they should be receiving these — or issuing them to their own contractors.

Who issues it: businesses, pension administrators, educational institutions, government programs. Deadline: February 28. What to watch for: if you did contract work for multiple clients, you may be waiting on several T4As. Cross-reference your invoices against what arrives.

T4E — Statement of Employment Insurance and Other Benefits

If you received employment insurance benefits during the year — including regular EI, maternity or parental benefits, or sickness benefits — you will receive a T4E from Service Canada.

EI benefits are taxable income. The T4E tells you how much you received and how much tax, if any, was withheld at source.

Who issues it: Service Canada. Deadline: February 28. What to watch for: if you repaid any EI benefits during the year, that should also be reflected on your T4E.

T5 — Statement of Investment Income

If you earned interest, dividends, or certain other investment income during the year, your financial institution will issue a T5. This includes interest earned in savings accounts, GICs, and non-registered investment accounts.

Note that T5 slips are only issued if your investment income from a single institution reached $50 or more during the year. If you earned less than that, no slip is required — but the income is still taxable and still needs to be reported.

Who issues it: banks, credit unions, investment firms. Deadline: February 28. What to watch for: if you have accounts at multiple institutions, you may receive T5s from each one. TFSA accounts do not generate T5 slips since income earned inside a TFSA is tax-free.

T4RSP — RRSP Income

If you withdrew money from your RRSP during the year, you will receive a T4RSP. RRSP withdrawals are fully taxable, and the T4RSP reports the amount withdrawn along with any tax that was withheld at source.

Who issues it: the financial institution holding your RRSP. Deadline: February 28. What to watch for: if you made a withdrawal under the Home Buyers’ Plan or Lifelong Learning Plan, those are reported differently — make sure your preparer knows about them.

T4RIF — Income From a Registered Retirement Income Fund

Similar to the T4RSP but for RRIFs. If you are drawing income from a RRIF — typically in retirement — you will receive a T4RIF reporting those payments.

Who issues it: the financial institution managing your RRIF. Deadline: February 28.

T3 — Statement of Trust Income Allocations and Designations

T3 slips come from trusts — including mutual funds, ETFs held outside a registered account, and estate trusts. If you hold investments in a non-registered account, there is a good chance you will receive at least one T3.

The T3 deadline is later than most other slips — it is not required until 90 days after the trust’s tax year-end, which for most funds means late March. This is one of the most common reasons people file too early and then have to amend their return.

Who issues it: investment funds, trusts, estates. Deadline: 90 days after the trust’s year-end — often late March or early April. What to watch for: do not file before your T3s arrive if you hold mutual funds or ETFs in a non-registered account.

T5008 — Statement of Securities Transactions

If you bought or sold securities — stocks, bonds, ETFs — in a non-registered account, you will receive a T5008 reporting those transactions. This slip is used to calculate capital gains or losses.

Who issues it: your brokerage or financial institution. Deadline: February 28. What to watch for: the T5008 reports the proceeds of disposition but may not always include the adjusted cost base. You are responsible for tracking your cost base accurately.

T2202 — Tuition and Enrolment Certificate

If you or a dependent paid tuition at an eligible post-secondary institution, the school will issue a T2202 reporting the eligible tuition amount. This can generate a tuition tax credit or be transferred to a spouse, parent, or grandparent.

Who issues it: colleges, universities, and other eligible educational institutions. Deadline: February 28.

RC62 — Universal Child Care Benefit Statement

If you received Universal Child Care Benefit payments, you will receive an RC62. These payments are taxable in the hands of the lower-income spouse.

Who issues it: Canada Revenue Agency. Deadline: February 28.

For Small Business Owners: Slips You May Need to Issue

This is the part that often catches business owners off guard — it is not just about the slips you receive. You may also have an obligation to issue them.

If you paid contractors or self-employed individuals more than $500 during the calendar year, you are required to issue T4As. If you paid employees, you issue T4s. If you paid dividends to shareholders of your corporation, T5s are required.

Missing these obligations can result in CRA penalties. If you are not sure what you are required to issue this year, your bookkeeper can walk you through it.

What to Do If a Slip Has Not Arrived

Start by checking your CRA My Account online — many slips are uploaded there directly and you may be able to access them before the paper copy arrives.

If it is past the deadline and the slip is still missing, contact the issuer directly. For employment slips, that means your employer or former employer. For investment slips, contact your financial institution. For government slips, contact the relevant agency.

If you have made a genuine effort to obtain a slip and cannot get it, CRA does allow you to estimate the income and attach a note to your return — but this should be a last resort, not a workaround.

A Quick Reference Summary

The T4 covers employment income. The T4A covers contract, pension, and other income. The T4E covers EI benefits. The T5 covers investment income. The T4RSP covers RRSP withdrawals. The T4RIF covers RRIF income. The T3 covers trust and mutual fund income and arrives later than most. The T5008 covers securities transactions. The T2202 covers tuition. The RC62 covers child care benefits.

Most slips are due February 28. T3s are the exception — wait for those before you file if they apply to you.

When in Doubt, Ask

Tax slips sound straightforward until you are staring at a stack of envelopes trying to figure out what you have, what you are missing, and what it all means for your return.

If you are not sure whether you have everything — or whether you are issuing everything you should be — that is exactly the kind of question we are here to answer. Reach out to SBSC Ventures and we will make sure nothing falls through the cracks before you file.