Tax Slips Explained: What They Are, Where to Find Them, and Why Waiting Saves Time
When tax season rolls around, one of the most important steps to filing your return correctly is making sure you have all your tax slips. These little documents contain crucial information about your income and deductions, and missing even one can lead to errors, delays, or even a reassessment from the Canada Revenue Agency (CRA).
But what exactly are tax slips? Where do you find them? And why is it better to wait a little longer before rushing to file your taxes?
Let’s break it all down in plain English so you can approach tax time with confidence.
What Are Tax Slips?
Tax slips are official documents that report different types of income you earned during the year. Think of them as receipts that show the CRA how much money you made and from what sources.
Your employer, bank, pension provider, or other organizations send these slips to you—and to the CRA—so that everyone has the same information when it’s time to file your tax return.
Each slip has a different name and purpose, depending on the type of income it reports.
Common Tax Slips You’ll Receive
Here are the most common tax slips Canadian taxpayers receive, along with what they report and when you should expect them:
T4 – Employment Income
Your T4 slip is issued by your employer and shows how much you earned from your job during the year. It also shows how much income tax, CPP, and EI were deducted from your paycheques.
Most T4 slips are sent by the end of February.
T4A – Pension and Other Income
A T4A slip reports income like pensions, annuities, scholarships, or withdrawals from a Registered Education Savings Plan (RESP). Financial institutions or trustees issue these slips.
You should receive your T4A by the end of February.
T5 – Investment Income
If you earned interest or dividends from investments held in non-registered accounts (like a regular savings account or investment account, not a TFSA or RRSP), you’ll get a T5 slip from your bank or financial institution.
T5 slips are usually sent by the end of February.
T3 – Trust Income
A T3 slip is issued by trusts and reports income like interest, dividends, and capital gains. These slips are usually sent by the end of March—later than most other slips.
Because T3 slips arrive later, many Canadians don’t realize they’re still waiting for an important document.
Where to Find Your Tax Slips
Most tax slips are sent directly to you by mail or email from the organization that issues them. But what if you haven’t received a slip you’re expecting?
Contact the Issuer, Not the CRA
It’s important to know that the CRA does not issue tax slips. The CRA only receives copies of slips from employers, banks, and other organizations.
If you’re missing a slip, don’t call the CRA. Instead, contact the organization that should have sent it—your employer, bank, or pension provider—and ask them to send you a copy.
Check Your CRA My Account
Once the CRA receives your tax slips from issuers, they post them to your CRA My Account. You can log in and view your slips online, which is especially helpful if you’ve lost a paper copy.
However, keep in mind that slips won’t appear in your My Account until the issuer has sent them to the CRA. So if a slip hasn’t been issued yet, it won’t be there.
Using Auto-fill My Return for Tax Slips
If you use certified tax software and have a CRA My Account, you can use a service called Auto-fill My Return. This tool automatically imports the tax information the CRA has on file directly into your tax software.
Here’s how it works:
- Launch Auto-fill My Return from your certified tax software
- Sign into your CRA My Account to authorize the transfer
- Your available slips and information (including your NETFILE access code) are securely sent to your software
- Choose which slips and information you want to auto-populate
- Review everything carefully before you file
Auto-fill My Return can save you time, but there’s a catch: it only pulls information the CRA already has. If a slip hasn’t been sent to the CRA yet, it won’t show up when you use Auto-fill.
That’s why it’s so important to wait until you’ve received all your slips before filing.
Why Waiting to File Your Taxes Can Save You Time
Even though online filing opens in late February, rushing to file your return can actually cause more problems than it solves.
Here’s why waiting is often the smarter choice:
Avoid Errors and Reassessments
If you file your taxes before all your tax slips arrive, you might miss reporting income. When the CRA eventually receives the missing slip from the issuer, they’ll notice the discrepancy and reassess your return.
A reassessment can mean owing more tax, paying interest, or dealing with extra paperwork and stress.
Prevent Delays in Processing
Filing an incomplete return often leads to delays. The CRA may need to contact you for more information, or you’ll need to submit a change request later—both of which slow down the process.
Make Sure You Don’t Miss Deductions
When you wait until you have all your documents, you’re less likely to forget important deductions and credits that can lower your tax bill or increase your refund.
Don’t Forget Other Important Documents
Tax slips aren’t the only documents you need to file an accurate return. Auto-fill My Return only imports information the CRA has on file, so you’ll still need to manually enter amounts for things like:
- Rent paid (for certain provincial credits)
- Medical expenses
- Child care expenses
- Moving expenses
- Any slips not yet posted on your CRA Account
Keep your receipts and documents organized so you don’t miss out on valuable credits or deductions.
What If You File and Then Realize You Missed a Tax Slip?
Mistakes happen. If you file your return and later realize you missed a slip or made an error, don’t panic—and don’t file a second return.
Instead, you can request a change online through your CRA My Account or certified tax software once you receive your Notice of Assessment.
Online change requests are processed much faster than paper requests—typically within two weeks. You can also use the Progress Tracker in your CRA My Account to check the status of your request without calling the CRA.
Get Ready Before You File
While you’re waiting for all your tax slips to arrive, take the time to get organized. Log into your CRA My Account and:
- Make sure you can access it
- Confirm your personal information is up to date
- Review any slips that are already posted
Getting organized now will make filing faster, easier, and more accurate when you’re ready to go.
Why Professional Help Makes All the Difference
Even with all your tax slips in hand, filing your own taxes can be risky. It’s easy to miss deductions, make data entry errors, or misunderstand how certain types of income are taxed.
A small mistake can lead to a reassessment, penalties, or even an audit. And if you’re self-employed or have income from multiple sources, the complexity only increases.
That’s where working with a professional tax preparer like JHG Corporate and Tax Services Inc. becomes invaluable. A qualified tax professional will:
- Ensure all your tax slips are accounted for and properly reported
- Identify deductions and credits you might not know about
- Minimize your tax liability and maximize your refund
- Handle any correspondence or reassessments with the CRA on your behalf
- Give you peace of mind that your return is accurate and compliant
Instead of risking errors or spending hours trying to figure it all out yourself, let the experienced team at JHG Corporate and Tax Services Inc. take care of everything for you. We serve individuals and businesses throughout Abbotsford, BC, and across Canada.
Contact us today to schedule your tax preparation appointment and experience the confidence that comes with professional tax service.
Need Help With Taxes?
When it comes to taxes, they are always changing, always being updated!
That’s why it’s always smart to work with professionals like JHG Corporate and Tax Services Inc.
Get expert help to make sure you’re receiving every dollar you deserve — no hidden errors, no missed benefits.
Click here to book an appointment with a real tax pro today! Or call us directly at 778-691-5566.
Frequently Asked Questions
What are tax slips and why do I need them?
Tax slips are official documents that report different types of income you earned during the year. You need them to file an accurate tax return because they show the CRA how much you made from employment, investments, pensions, and other sources.
Where can I find my tax slips if I haven’t received them?
Most tax slips are sent directly by the organization that issues them (your employer, bank, or pension provider). If you’re missing a slip, contact the issuer directly to request a copy. You can also check your CRA My Account once the CRA has received the slips from issuers.
When should I expect to receive my tax slips?
Most tax slips like T4, T4A, and T5 are sent by the end of February. However, T3 slips from trusts are usually sent by the end of March, which is later than other slips. It’s best to wait until you’ve received all your slips before filing to avoid errors.
What should I do if I file my taxes and then realize I missed a tax slip?
Don’t file a second return. Instead, wait until you receive your Notice of Assessment, then submit a change request online through your CRA My Account or certified tax software. Online change requests are typically processed within two weeks, much faster than paper requests.
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When it comes to taxes, they are always changing, always being updated!
That is why it is always recommended to use a professional like JHG Corporate and Tax Services Inc to get your taxes done to ensure you are getting the most out of your tax return.
Click here to book an appointment with a real tax pro now!
Or Call Our Hotline Today: 778-691-5566
