What Is a T5 Slip in Canada? (And What to Do with It)

You just received a slip in the mail from your bank or financial institution and you’re not sure what it is or what you’re supposed to do with it. If it says T5 on it, this guide explains exactly what it means and how to handle it at tax time.

A T5 slip, officially called the Statement of Investment Income, is a tax document issued by Canadian financial institutions to report investment income earned by residents of Canada during the tax year. The Canada Revenue Agency requires financial institutions, banks, investment firms, and corporations to prepare and issue T5 slips so that investment income is properly reported on your personal income tax return.

Unlike a T4, which reports employment income from your job, a T5 is specifically about money your money made. If you earned interest on a savings account or GIC, received dividends from a Canadian corporation, or earned certain types of foreign income in a non-registered account, your financial institution is required to report that to the CRA using a T5 slip.

One important threshold to know: the CRA does not require a T5 for amounts under $50, so most financial institutions will not issue T5 slips if your investment income is below this amount. If you earned less than $50 in investment income, you may not receive a slip at all, but you are still required to report that income on your tax return. For residents looking for local assistance, our Ontario accounting team can help you determine how to report these smaller amounts.

Your T5 slip can include several types of investment income, depending on your accounts and holdings:

• Interest income — from savings accounts, GICs, term deposits, bonds, and other debt instruments
• Eligible dividends — dividends paid by Canadian public corporations that qualify for the dividend tax credit
• Ordinary dividends — also called non-eligible dividends, typically paid by Canadian-controlled private corporations
• Foreign income — interest or dividends earned from foreign investments held in non-registered accounts
• Royalties — in certain situations

Each type of income appears in a different box on the slip. Your financial institution fills out and files the T5 with the CRA and sends you a copy. Most T5 slips are filled out and issued by the financial institutions that manage your investment or savings accounts.

All taxpayers should receive their T5 slips before the last day of February of the year following the tax year in question. For example, T5 slips for the 2025 tax year must be issued by February 28, 2026. If you have not received your slip by early March, contact your financial institution directly, or log into your CRA My Account to check if the slip has been filed there.

When you file your personal income tax return, you must include all investment income reported on your T5 slips. Here is how to handle it:

1. Gather all your T5 slips. If you have multiple investment or savings accounts across different institutions, you may receive more than one T5 slip. Each one must be reported.
2. Enter the amounts in the correct lines of your return. Interest income from a T5 goes on line 12100 of your T1 return. Dividends are reported on lines 12000 and 12010 depending on whether they are eligible or non-eligible.
3. You do not need to send the slip to the CRA. The CRA does not require you to send in your T5 slip when you file your tax return online, but keep a copy in case they ever ask for it.
4. If you received a T5 with a joint account holder, each person must report their proportionate share of the income based on their contribution to the account.

If you find the process overwhelming, our comprehensive tax services can handle the filing for you.

This happens more often than people expect. If you receive an amended T5 after already filing your return, the CRA expects you to file an amended tax return via ReFILE, using CRA’s Change My Return service, or by paper with a T1-ADJ adjustment request to report the income discrepancy. Do not ignore an amended slip.

This is a common point of confusion. A T4 slip reports income you earned from employment, meaning wages, salary, bonuses, and taxable benefits from your employer. A T5 slip reports income earned from investments held outside of registered accounts like RRSPs or TFSAs. Investment income earned inside a TFSA or RRSP is generally not reported on a T5 because those accounts are tax-sheltered.

If you are a business owner receiving dividends from your own corporation, you will also receive a T5 slip from your corporation each year you pay yourself dividends. This is a key part of how owner-managers structure their compensation in Canada and has significant tax implications. If you are in this situation, working with a tax accountant ensures you are managing dividend income in the most tax-efficient way possible.

You can access your T5 slips in two ways. The first is directly from the financial institution that manages your account, either through your online banking portal or by requesting a mailed copy. The second is through your CRA My Account under the Tax Information Slips section, where all slips filed under your Social Insurance Number are available.

Receiving a T5 slip is a normal part of being an investor or savings account holder in Canada. The key is knowing what it reports, making sure you include it when you file, and acting quickly if you receive an amended version. Missing investment income on your return is one of the most common reasons the CRA sends a notice of reassessment.

If you want to make sure your investment income is reported correctly and your tax situation is optimized, our team is here to help.