T3s, T4s, T5s and other information slips

Any employment, pension and most investment income you receive in 2016 is reported on information slips prepared by the person or organization that paid you. In general, these slips must be mailed35 to you by March 1, 2017. If you’re a beneficiary of a trust, (this would include ownership in units of a mutual fund trust), your T3 information slip could be delayed until the end of March, depending on the year-end of the trust. Partnerships in which all members are individuals are required to file a partnership information return and issue the required information slips to the partners by March 31, 2017 (see topic 2).

Public trusts and public partnerships are required to disclose distributions or allocations of capital and income for public mutual fund trust units and public limited partnership units within 60 days after the calendar year-end via a Web site maintained by CDS Innovations Inc. This information is particularly useful for investors since in many instances distributions received by the investor will be a combination of income allocations and returns of capital. Furthermore, any income allocations will need to be broken down by income source which would also include allocations of capital gains or losses. CDS Innovations Inc.’s Mutual Fund and Limited Partnership Tax Breakdown Posting service can be found at http://www.cds.ca/cds-products/cds-innovations?Openpage.

If you are enrolled in the CRA’s My Account service (see topic 163), you will be able to view T4s, T4As, T4A(P)s, T4A(OAS)s and T4Es issued to you that have been received by the CRA. The My Account service also allows you to view several other important balances and carryover amounts that may be needed in preparing your tax return. The CRA plans to expand the information that is available in My Account in future.

Regardless of whether you receive the appropriate slip, you must declare all your income. Be sure to check the amounts reported on the slips to ensure that they are correct, as mistakes on these documents are not uncommon. If there’s an error, you can obtain an amended slip.

If you’re filing your return electronically (see topic 161), all information slips and other supporting documentation, such as charitable donation receipts, must be retained in case the CRA requests confirmation of the amount claimed. Your return may be reassessed if you cannot provide a copy of the relevant slip.

Businesses and organizations that prepare these slips are required to electronically file them with the CRA if the number of slips filed for a particular information return is more than 50. Penalties will be assessed for not e-filing information slips when required.

35 Some financial institutions offer paperless banking. If you have chosen to go paperless for any of your accounts, remember to access your slips online when they become available.