What is a T5 Slip?
Updated on January 09, 2025

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Table of Contents
The T5 statement of income is a tax form used to calculate an individual’s investment income and the amount of taxes owed. It is provided by a financial institution, and the CRA doesn’t require it for amounts under CAD$50.
The Government of Canada introduced the T5 Statement of Investment Income for individuals with pensions or other investments not necessarily earned through employment. It helps retirees, people with RRSPs, those with spousal RRSPs, and those with self-employment income file their taxes quickly.
What is a T5 Slip?
The T5 slip, formally known as the “Statement of Investment Income,” is a tax document issued by financial institutions to report income earned on investments to both the taxpayer and the Canada Revenue Agency (CRA).
Investments that generate income, such as interest from savings accounts, dividends from stocks, or other types of investment earnings, will likely be paired with a T5 slip.
Who should file a claim for T5 income?
Financial institutions that hold your investment accounts will issue T5 slips for you. Even as you hold the account jointly with your common-law partner or spouse, you still get T5 slips.
Typical recipients of T5 slips include individuals who have invested in:
- Savings accounts that offer interest
- Term deposits
- Dividend-yielding stocks
- GICs (Guaranteed Investment Certificates)
- Mutual funds or ETFs that generate dividend income
- Corporate bonds and other interest-bearing securities
It’s important to note that T5 slips can be issued to not only individuals but also businesses and other entities that earn investment income.
What are the items included in my T5 Slip?
The T5 slip has several information boxes on it. Each box serves a distinct purpose, as detailed below:
Box 10: Actual amount of dividends received from Canadian corporations, other than eligible dividends
Box 11: Amount of dividends that are taxable, other than eligible dividends
Box 12: Dividend tax credits applied by CRA to your total owed tax amount
Box 13: Interest earned from all Canadian sources
Box 14: Other income earned from Canadian sources
Box 15: Only include your foreign income
Box 16: Only include taxes you paid on foreign income
Box 17: Royalties received from Canadian sources – from work or invention, etc.
Box 18: Capital gains dividends
Box 19: Accrued income, like equity linked notes interest, annuities, income earned due to the death of a spouse or legal partner
Boxes 24 to 26 include dividends from Canadian sources that were not included in Boxes 10, 11, and 13.
Box 24: Actual amount of dividend earned
Box 25: Taxable amount of received eligible dividend
Box 26: Dividend tax credits you could claim on line 40425
Box 30: Equity-linked notes interest – interest earned through the transfer of linked notes
What if I have T5 Slips from multiple sources?
Diversifying your investment horizons will lead to receiving T5 slips from multiple financial institutions. Also, each institution is expected to provide T5 slips for all your eligible accounts. Such a situation calls for reporting income from multiple sources in the T1 general.
Do I need to report my T5 Slip income on my tax return?
Yes, you need to report the income from your T5 slip on your tax return. It details the investment income you’ve earned, and this information must be included when you file your taxes to ensure accurate reporting and compliance with tax regulations.
Additionally, T5 slips reflect pre-tax income, so the CRA will assess any additional taxes owed or tax credits applicable based on your overall income level, tax bracket, and credits claimed.
Expat US Tax is an expert in US-Canada taxation. Speak with our accountants today.
Can I get my T5 online?
Yes, T5 is a digital form easily available online, even if your financial institution’s mail does not reach you.
You need to log into your CRA MyAccount to check your T5 slips.
All financial institutions report T5 slips to CRA for incomes more than CAD$50. You might want to sign up for your CRA My Account if you don’t have one already. Or perhaps your tax accountant can check it for you.
Can I file multiple T5 slips?
Yes, you also need to prepare a T5 Summary consolidating the totals for all slips so the CRA has an overview of the income you reported. But even if you only file one T5 slip, a T5 summary should still be provided.
A T5 summary should accompany the T5 slips when you submit them to the CRA.
What are the filing methods for a T5 slip?
There are two main filing methods for the T5: electronic filing and mail filing.
Electronic filing :
This is when you file through the internet, and there are a couple of ways to do this:
- Filing with Web Forms: The Canadian government offers this free and secure online tool. You can file up to 100 slips that automatically calculate totals for your summary. You need to obtain a web access code online or call 1-800-959-5525 to access the web forms.
- Filing without a Web Access Code: Depending on your position, you can register as a business owner or a representative. Once registered, you can now file T5 slips without a Web access code.
Mail filing:
You can opt for this if you wish to file on paper. However, if you’re planning to file more than 5 T5 slips for the calendar year, it is mandatory to file electronically.
You can mail it to:
T5 Program
Jonquière Tax Centre
Post Office Box 1300, LCD Jonquière
Jonquière QC G7S 0L5
When should I file my T5 statement of investment income?
You should expect to receive your T5 slip on or before the last day of February from your financial institution and submit it as part of your tax return for the previous calendar year by the end of April.
What happens if I forget to report T5 income?
Failing to report income from a T5 slip may result in penalties, especially if it happens more than once in a four-year period. Here’s what can happen:
- Penalties for repeat offenses: The CRA may apply a federal and provincial penalty of 10% each on the unreported amount, totaling a 20% penalty.
- Interest charges: Interest accrues on any additional tax balance from the date it was originally due and is compounded daily. While this is separate from penalties, it can add up over time.
- Reassessment and tax owing: The CRA may reassess your return, which can result in additional tax owed. This can increase your tax payable, and you may incur more interest charges on the outstanding balance.
Can I file a T5 slip even if I’m a non-resident?
Yes, if you’re a non-resident of Canada, you can file a T5 slip, but you must ensure your compliance with withholding tax obligations and other CRA requirements, such as a non-resident account number.
If there is an available tax treaty, you can include documents for the reduced withholding tax rate.