Canadian tax slips can be confusing when you are staring at a pile of envelopes in February. Each slip type reports different kinds of income or contributions, and you need to enter all of them correctly on your tax return. This guide explains what every major slip means and how to use it.
The T4 is the most common Canadian tax slip. Every employer you worked for during the year sends you one. Box 14 shows your total employment income. Box 22 shows federal income tax deducted. Box 16 shows CPP contributions deducted. Box 18 shows EI premiums deducted. You enter all of these on your tax return — the income increases your taxes and the deductions are already-paid credits that reduce what you owe. If you had multiple employers, you will receive a T4 from each one.
The T4A reports various types of income that are not employment income. Common sources include pension income, RRSP withdrawals, scholarships and bursaries, self-employment income paid by certain payers, COVID-19 benefit payments (CERB, CRB), and fees for services. Box 022 shows pension income, box 028 shows RRSP income, and box 105 shows scholarship income. Read each box carefully and enter the applicable amounts on your return.
The T5 reports income from investments held outside of registered accounts (RRSP, TFSA, RRIF). Your bank or broker sends it when you earned interest, dividends, or certain other investment income during the year. Box 11 shows Canadian dividends. Box 13 shows interest income. Box 25 shows foreign dividends. Investment income in a TFSA does not generate a T5 because it is tax-free. Investment income in an RRSP does not generate a T5 because it is tax-deferred.
The T3 reports income distributed from trusts and mutual funds. Most commonly you receive a T3 from mutual funds or ETFs held outside of registered accounts. It may report dividend income, interest income, capital gains, and return of capital. T3 slips are often issued in late February or March — later than T4 and T5 slips — because trust income takes longer to calculate. Check for T3 slips before finalizing your return.
If you received Employment Insurance (EI) benefits during the year, Service Canada sends you a T4E slip. Box 14 shows total benefits paid. Box 7 shows income tax withheld. EI benefits are taxable income and must be reported on your return. If your net income exceeds a certain threshold (around $76,000), you may need to repay some of your EI benefits.
Seniors who received Old Age Security (OAS) payments receive a T4OAS slip from Service Canada. Box 18 shows the OAS pension received. Box 22 shows income tax deducted. OAS is taxable income. If your net income exceeds about $90,997 in 2024, you may be subject to the OAS clawback (formally called the OAS pension recovery tax).
If you received Canada Pension Plan (CPP) retirement, disability, or survivor benefits, Service Canada sends a T4AP slip. Box 20 shows CPP benefits received. Box 22 shows income tax withheld. CPP benefits are taxable income.
Post-secondary institutions issue T2202 certificates to students who paid eligible tuition during the year. Part-time and full-time months are reported separately. The T2202 supports the tuition tax credit (15% federal credit on eligible tuition) and the education credit. Unused tuition amounts can be carried forward to future years or transferred to a parent, grandparent, or spouse up to $5,000.
Your financial institution sends you a receipt for each RRSP contribution you make. There are typically two receipts: one for contributions made from March to December, and one for contributions made in the first 60 days of the year (January 1 to March 3, 2025 for the 2024 tax year). Both are deductible on your 2024 return. The total of your RRSP contribution receipts equals your RRSP deduction for the year.
If you sold securities (stocks, bonds, ETFs, mutual funds) held outside of a registered account, your broker sends a T5008 slip reporting the proceeds of the sale. You use this to calculate your capital gain or loss. The T5008 shows the proceeds but not always the adjusted cost base, so you will need your own records of what you originally paid. Capital gains are 50% taxable for personal investors in 2024 (the 2/3 inclusion rate did not come into effect).
If you withdrew money from your RRSP during the year, your financial institution sends a T4RSP slip. Box 22 shows the amount withdrawn and box 30 shows withholding tax. RRSP withdrawals are taxable income in the year you take the money out. Note that using the Home Buyers' Plan or Lifelong Learning Plan generates a different type of T4RSP that is not immediately taxable if you repay on schedule.
Retirees who converted their RRSP to a Registered Retirement Income Fund (RRIF) receive a T4RIF for minimum withdrawals and any additional amounts taken. RRIF income is taxable and eligible for the pension income credit and pension income splitting.
Log into CRA My Account at canada.ca. Most slips are available there from mid-February onward through the Auto-Fill service. If a slip is genuinely missing, contact the issuer (your employer, bank, or broker) to request a replacement. Do not guess or estimate the amounts — incorrect numbers on your return can trigger a reassessment.
After organizing your slips and filing your return, make sure your refund lands in an account with no fees. KOHO is free with no monthly charges. Use code 45ET55JSYA for a bonus when you sign up.
Open KOHO Free — No Fees — Code 45ET55JSYA