A Guide to Canadian Tax Slips: T4 vs. T4A vs. T5

Tax time can be confusing. There is so much to keep track of! Tax slips, receipts, and so much more!

In this blog post, we will outline the most common tax slips that you will receive at tax time, the T4, T4A, and T5. We will also cover some of the key differences between each of these tax slips

Where can I find my tax slips?

First, let’s start with some basics about where to find your tax slips. If you have feeling that you didn’t get all your tax slips from your employer, don’t worry!

You can find your tax slips yourself. All employers are required to file tax slips with the CRA prior to distributing tax slips to their employees. So, if your employer hasn’t given you your tax slip, you can pull it yourself from CRA.

Here is how:

• Step #1: log into your My CRA Account
• Step #2: Go to: Tax information slips (T4 and more)
• Step #3: Select the Tax Year and for information slips, choose All slips

Note: If you don’t see any tax slips in your My CRA account, it could be because your employer has not filed one yet for you.

What is a T4?

This is the most common tax slip received by the majority of Canadians who are employed. The T4 includes the following basic information:

1. How much income you made during the year
2. How much you paid in taxes
3. How much you paid in CPP (Canadian Pension Plan)
4. How much you paid in EI (Employment Insurance)

All this information will form the basis of the data used to complete your tax return that will be submitted to the CRA.

Here is what a T4 looks like:

When do I get a T4?

If you’ve were employed and earned a salary of any kind during the year, you should get a T4. It’s as simple as that!

What is the Deadline to issue or receive a T4?

Employers usually have up until February 28 to file a tax slip. For example, for the tax year 2023, employers have until February 28, 2024, to file a T4 with the CRA.

Could I get multiple T4s?

Yes, absolutely! If you worked two different jobs during the year or switched jobs (which implies that you worked two jobs during the year), then you should get two T4s – one from each job.

What is a T4A?

A T4A is similar to a T4 except, the income reported on a T4A does not come from a job or a salary.

There are various sources of income that are included on a T4A which include (note: this is not an exhaustive list):

• Pension Income
• Retirement Income
• RESP Income
• Self-employed commissions

Here is what a T4A looks like:

When do I get a T4A?

If you have any of the sources of income outlined above, you should get a T4A. If you were employed as an independent contractor, best practice would be for you to get a T4A. Not we say “best practice” here as it’s not a requirement for companies to issue a T4A to independent contractors. So, it’s quite possible (and totally normal!) that you might not get one.

What is the Deadline to issue or receive a T4A?

Employers usually have up until February 28 to file a tax slip. For example, for the tax year 2023, employers have until February 28, 2024, to file a T4A with the CRA.

Could I get multiple T4As?

Yes, absolutely! If you’ve got multiple sources of non-employment income or if you worked as a contractor for a few companies during the year, you would get multiple T4A’s.

What is a T5?

The T5 slip is quite different than the above mentioned T4 and T4A. However, we’ve included it here because for self-employed Canadians who own a corporation, the T5 is probably one of the most important tax slips that you need to understand.

If you’re the owner of an incorporated business and take money to pay yourself from your company, these payments are called “dividends”. You are required by the CRA to report the total amount of dividends you take from your company on your T5 slip at the end of the tax year.

Here is what a T5 looks like:

When do I get a T5?

A T5 is issued when you have income from the following sources (note: this is not an exhaustive list):

• Dividend from Canadian Corporations
• Interest from Canadian Sources
• Capital Gains

What is the Deadline to issue or receive a T5?

You have up until February 28 to file a tax slip. For example, for the tax year 2023, you have until February 28, 2024, to file a T5 with the CRA.

Could I get multiple T5s?

Yes, absolutely! If you’ve got multiple sources of investment income (interest, capital gains, or dividends), you will absolutely get multiple T5 tax slips.

Let us help you. Do you have questions about your tax situation? Get in touch with us here or sign up to get more accounting and tax tips in our newsletter here.

The accounting and tax information provided in this post does not constitute advice and is meant to be for general information purposes only. The information is current as at the date of this post and does not reflect any changes in accounting and/or tax legislation thereafter. Moreover, the information has been prepared without considering your company or personal financial/tax circumstances and/or objectives.