A Cheat Sheet For Tax Season

Tax season is here — and if you're staring at a pile of envelopes wondering which ones actually matter, you're not alone.

Registered Accounts (RRSP, RRIF, LIF, TFSA, RESP, FHSA)

Good news: investment income earned inside registered accounts isn't taxed annually, so you won't receive slips for dividends or gains growing inside them. The slips you will see are tied to specific transactions:

RRSP contributions → contribution receipt

RRSP or RRIF withdrawals → T4RSP or T4RIF

LIF withdrawals → T4RIF

RESP educational payments to a student → T4A

FHSA contributions or qualifying withdrawals → T4FHSA

TFSA → no slips generated (ever)

Non-Registered (Taxable) Accounts

This is where most of the slips come from. Any income earned here must be reported — whether you withdrew it or not.

Interest or dividend income (savings accounts, GICs, stocks, ETFs) → T5

Income from mutual funds or ETFs held as trusts → T3

Proceeds from selling investments → T5008

One important heads-up: T3 slips can arrive as late as April 1st — much later than everything else. Don't file until you're sure they've all arrived. It's one of the most common reasons people end up amending their return.

When in doubt, check your online portal or reach out before you hit submit. Filing twice is never fun.

"For every minute spent organizing, an hour is earned." — Benjamin Franklin