Different Type of Tax Slips

T3 – Statement of Trust Income Allocations and Designations

The T3 slip is provided to beneficiaries of a trust to report income that has been allocated or designated to them during the tax year. This includes various types of income such as interest, dividends, and capital gains. Beneficiaries must include these amounts in their personal income tax returns. 

T4 – Statement of Remuneration Paid

The T4 slip is issued by employers to employees to report employment income and related deductions for the calendar year. It includes details such as salary, wages, bonuses, and the taxes deducted at source.

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

The T4A slip reports various types of income other than employment income. This includes pension or superannuation, self-employed commissions, annuities, and RESP educational assistance payments.

T4A(OAS) – Statement of Old Age Security

The T4A(OAS) slip is issued to individuals who have received Old Age Security (OAS) benefits from Employment and Social Development Canada. It provides details of the OAS pension received and any related tax deductions.

T4A(P) – Statement of Canada Pension Plan Benefits

The T4A(P) slip reports benefits received from the Canada Pension Plan (CPP), including retirement, disability, survivor, and death benefits.

T4E – Statement of Employment Insurance and Other Benefits

The T4E slip is issued to individuals who have received Employment Insurance (EI) benefits. It details the amount of benefits received and any taxes deducted. 

T4PS – Statement of Employee Profit-Sharing Plan Allocations and Payments

The T4PS slip is provided by employers to employees to report allocations and payments made under an Employee Profit-Sharing Plan (EPSP). An EPSP is a plan that allows employers to share profits with their employees, and the amounts allocated are considered taxable income for the employees. 

T4RIF – Statement of Income from a Registered Retirement Income Fund

The T4RIF slip is issued to individuals who have received payments from a Registered Retirement Income Fund (RRIF). It details the amounts withdrawn and any taxes withheld during the year. 

T4RSP – Statement of RRSP Income

The T4RSP slip is used by administrators of Registered Retirement Savings Plans (RRSPs) to report amounts withdrawn from RRSPs that must be included in the recipient's income. 

T5 – Statement of Investment Income

The T5 slip is issued by financial institutions to report various types of investment income, such as interest, dividends, and certain foreign income, earned by a taxpayer during the year. This slip helps individuals accurately report investment income on their tax returns. 

T2202 – Tuition and Enrolment Certificate

Educational institutions provide the T2202 slip to students to certify eligibility for tuition, education, and textbook amounts. This certificate indicates the amount of eligible tuition fees paid and the number of months enrolled, which students can use to claim education-related tax credits. 

T2125 – Statement of Business or Professional Activities

Self-employed individuals use Form T2125 to report business or professional income and expenses. This form assists in calculating gross and net income for tax purposes and is essential for sole proprietors and partners in a partnership. ​

T777 – Statement of Employment Expenses

Purpose: Employees who are required to pay expenses to earn employment income use Form T777 to claim deductions for those expenses. This form is used to detail and calculate allowable employment expenses, such as vehicle costs, travel expenses, and home office expenses.

T2042 – Statement of Farming Activities

The T2042 form is utilized by self-employed farmers or members of farming partnerships to report farming income and expenses. It aids in calculating the net farming income to be declared on an individual's tax return. 

T776 – Statement of Real Estate Rentals

The T776 form is used by rental property owners to report rental income and expenses, assisting in determining the net rental income or loss for tax purposes.

T5008 – Statement of Securities Transactions

The T5008 slip is issued by financial institutions and investment firms to report proceeds from the disposition or redemption of securities, aiding taxpayers in reporting capital gains or losses. 

T778 – Child Care Expenses Deduction

The T778 form is used to calculate the child care expenses deduction that can be claimed on line 21400 of the tax return. Eligible expenses include payments made for the care of an eligible child to allow the taxpayer to work, attend school, or conduct research. 

T1198 – Statement of Qualifying Retroactive Lump-Sum Payment

Form T1198 is provided to individuals who receive qualifying retroactive lump-sum payments (QRLSPs) of $3,000 or more (excluding interest) that pertain to one or more previous years after 1977. This form allows the Canada Revenue Agency (CRA) to apply a special tax calculation, potentially reducing the tax liability by taxing portions of the lump-sum payment as if they were received in the years they were originally due. 

Charitable Donations

To claim a charitable donation tax credit, donations must be made to registered charities or other qualified donees. Eligible donations can provide both federal and provincial or territorial tax credits.​

Qualified donees includes registered charities, registered Canadian amateur athletic associations, registered journalism organizations, and other entities listed by the CRA. 

Other Deductions

Certain expenses incurred to earn income or maintain employment can be deducted to reduce taxable income.

• Carrying Charges and Interest Expenses: Amounts paid to earn investment income, such as fees for investment advice or interest on money borrowed for investment purposes, may be deductible. ​
• Union Fees: Annual dues for membership in a trade union or association of public servants are deductible.​
• Management Fees: Fees paid for the management of investments may be deductible.​

Child Care Expenses

Expenses incurred for the care of a child under 16 years of age or with a disability may be deductible if they allowed you to earn income, attend school, or conduct research.​

Payments made to caregivers, day nursery schools, daycare centres, day camps, and certain educational institutions are all considered eligible expenses.

Student Loan Interest

Interest paid on government student loans may be claimed as a non-refundable tax credit, provided the loans are under the Canada Student Loans Act, the Canada Student Financial Assistance Act, or similar provincial or territorial programs.

Loans received under the Canada Student Loans Act, the Canada Student Financial Assistance Act, the Apprentice Loans Act, or similar provincial or territorial programs are eligible for this credit.