Common Tax Forms

Getting Started with Tax Documents

Each year during tax season, you may receive a number of slips and forms that summarize your income, investments, or benefits. These documents are essential for completing your return accurately. They are issued by employers, financial institutions, government agencies, or other payers, and each one plays a specific role in helping the Canada Revenue Agency (CRA) determine your taxable income and tax owed. This guide breaks down the most common slips and helps you understand what to do with them.

Why Tax documents Matter

Whether you are an employee, investor, retiree, or business owner, receiving and reviewing the correct tax slips is one of the most important steps in filing your return. Missing a slip can result in a reassessment, while misunderstanding what each form represents could cause errors. Understanding your tax slips ensures that your return is complete and accurate.

The benefits of understanding tax slips and forms

• Ensure all income is properly reported

• Reduce the risk of errors or reassessments

• Identify eligible deductions or credits connected to specific slips

• Stay organized and file your return on time

• Understand how the CRA calculates your refund or balance owing

Make the Most of Your Tax Documents

The more you understand your tax slips, the more confident you will be in preparing or reviewing your return. Whether you file on your own or with the help of a tax professional, recognizing each slip and what it means will help ensure nothing is missed.

Understanding Your Tax Slips and Forms

This section explains the most common slips and forms you may encounter during tax season, along with guidance on how to interpret your NOA:

• T1 – Personal Tax Return: Used by individuals to file their annual income tax return.
• T2 – Corporate Tax Return: Filed by corporations to report income and pay taxes
• T3 – Trust Income: Reports income earned from trusts, estates, or mutual funds.
• T4 – Employment Income: Issued by employers to report salary, benefits, and tax withheld.
• T4A – Pension and Other Income: Covers pensions, self-employment commissions, scholarships, and other service-related payments.
• T4RSP – RRSP Withdrawals: Shows withdrawals made from a Registered Retirement Savings Plan (RRSP), including tax withheld.
• T4RIF – RRIF Withdrawals: Reports income withdrawn from a Registered Retirement Income Fund (RRIF) and any tax withheld.
• T5 – Investment Income: Summarizes interest, dividends, and other income from non-registered investments.
• T5008 – Securities Transactions: Reports proceeds from securities sales, used to calculate capital gains or losses.
• T5007 – Social Assistance and Workers’ Compensation: Shows social assistance or workers’ compensation benefits, which may affect tax credits.
• T5018 – Subcontractor Payments: Used in the construction industry to report payments made to subcontractors.
• NR4 – Non-Resident Income: Reports Canadian income paid to non-residents and any non-resident tax withheld.
• NOA – Notice of Assessment: Summary from the CRA reviewing your filed return, showing balances, RRSP limits, and carryforward amounts.