Preparing Tax Information Slips
Tax Information Slips report the income paid to one taxpayer from another employer, corporation, sole proprietor, trust, etc.) These slips are required to be filed with the CRA in order for them to rectify whether or not a taxpayer is reporting the correct amount of income on their tax return.
The most common Tax Information Slips are:
- T3 – Represents income from a Trust. This income often retains the nature of the income received by the trust.
- T4 – Reports employment income (i.e. salaries, wages, bonuses, commission, taxable benefits, employment, etc.)
- T4A – Represents income from self-employment or pension income (i.e. fees for services, commissions, pensions, etc.)
- T5 – Reports Investment Income (interest, dividends, etc.)
There is a number of other Tax Information Slips that can and should be filed. Should you require Numbers Plus® to assist in preparing your Tax Information Slip, or any other slip, book an appointment to see how we can help you.