Every March to April, whether this your first or 100th time filiing taxes, most Canadians still experience form of anxiety.
As the deadline for filing your 2024 Canadian tax return approaches, you want to avoid the last-minute scramble to gather the required tax slips.
This blog summarizes some important dates and required tax information that may assist you in completing your tax return.
Important Dates
March 3, 2025 – Last day for 2024 RRSP contributions
April 30, 2025 – Last day to file your 2024 tax return without penalty if you owe any unpaid taxes
June 15, 2025 – Last day to file your 2024 tax return without penalty if you are self-employed
Common Tax Slips
The first step is to identify and understand what types of tax slips you may receive from your income sources and what information must be included in your tax return.
The traditional way is to receive your tax slips in the mail. In recent years, most slips can be downloaded online. You may also sign into the CRA website to view the uploaded version of your tax slips.
Understanding what tax slips you need and where to find them can help speed up your filing process, meet the deadline, and avoid late filing penalties and interest. Most importantly, you may receive potential tax refunds, benefits and government payments back sooner.
RBC Wealth Management - “Client guide to 2024 tax reporting”
RBC Wealth Management has published a 2024 tax reporting guide.
The following are examples of the most common tax slips in Ontario that you may receive. For the full list, please visit the RBC Wealth Management website.
1. RRSP contribution receipt: Reports the value of cash or securities (in-kind contributions) contributed to Registered Retirement Savings Plan (RRSP)
2. T4RSP (RRSP withdrawals): All withdrawals from RRSP accounts must be included in your income.
3. T4RIF (RRIF withdrawals): All withdrawaks from RIF accounts must be included in your income.
4. T4A (RESP withdrawals): Reports the receipt of Educational Assistance Payments by the beneficiaries of a Registered Education Savings Plan (RESP) during the 2024 calendar year and/or Accumulated Income Payments to the subscriber during the 2024 calendar year.
5. T4FHSA: Reports transactions from FHSAs. All income from FHSAs must be included in your income.
6. T5: For Canadian residents to report income of $50 or more from investments held in stocks, bonds, mutual funds or interest on credit balances during the calendar year.
7. Summary of investment income and expenses: Summarizes income received as well as charges to your account for dividends owed, interest paid on debit balances and accrued interest paid on the purchase of bonds.
8. Summary of security dispositions: Summarizes the proceeds of any sale or maturity that took place through your account during the year. Each line on the Summary corresponds to an actual T5008 slip filed with CRA.
9. T3 (trust and mutual fund income): Reports income from investments held in Canadian-based Real Estate Investment Trusts (REITs), income trusts, ETFs, capital trusts and mutual funds.
Many Canadians with no reported incomes have the wrong perception that there is no benefit to file a tax return. However, there are several government benefits that are available for those who have no taxable income and file their tax returns.
Please consult with your tax professionals for more information.
