What Happens If You Are Missing Tax Slips

by Tax Guy - Burlington Accountant on February 5, 2010 Print This Post Print This Post

Issuers of tax slips must send your tax slips by the end of February. This includes your T4 (employment income), T5s (investment income), and other slips reporting your private or government pensions.

Some tax slips such as the T3 (mutual funds, income trusts or if you are the beneficiary of a trust) must be sent within 90 days of the trusts year-end. Therefore, T3 often arrive near the end of March.

No Tax Slip? Start Calling

If you have not received tour tax slips by the middle of March, it’s time to get on the phone. Give your employer, investment dealer or mutual fund company a call and find out where the slips are. Many times these entities have the information on their computers and can usually provide you the information over the phone and mail you the duplicate tax slip.

Try The CRA

The tax slips you are issued are normally filed with the Canada Revenue Agency. By mid-April there is a chance that the CRA may have the information already on file. If they do, they can provide you with the information from your tax slips.

Give Estimates

If you are missing your T4 you can usually estimate your income and the tax deducted by using your pay stubs. For investment income, you can go to your brokerage statements and calculate gains, losses, dividends and interest.

If you do have to include an estimate, you should attach a note to your tax return explaining you were not able to obtain the slip, indicate the amount of the estimate, who should have issued the tax slips.

You still must file your tax return by the April 30th (or June 15th if you were self-employed) to avoid late filing penalties.

A Warning About Honesty

If you didn’t get the tax slip or if you think you can under report your income because you are e-filing or net filing, the CRA can and often does ask for copies of your receipts. In addition, certain slips provided to you must be filed with the CRA by the issuer and will be added to your income at some point later. There is nothing worse than getting a Notice of Assessment telling you to pay more money!

About The Tax Guy...

Dean Paley CGA CFP is a Burlington accountant and financial planner who services individuals and business owners locally, nationally and internationally. Dean has appeared in the National Post, Toronto Star and Metro News.

To find out more, visit Dean's website Dean Paley CGA CFP or connect via Twitter @DeanPaleyCGACFP.

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