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.