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  • Writer's pictureDavid Mu

"Are You Prepared? Important CRA Tax Slip Deadlines for 2024"

Navigating tax season requires keeping track of several important deadlines from the Canada Revenue Agency (CRA). Whether you're an employer or a taxpayer, here's a brief overview of essential dates for issuing and receiving various tax slips.

• T4 and T4A Slips Deadline: Employers must issue T4 (Statement of Remuneration Paid) and T4A (Statement of Pension, Retirement, Annuity, and Other Income) slips by February 29, 2024, for the 2023 tax year. These slips detail employment income and other incomes like pensions, crucial for tax filing.

• T5 Slips Deadline: Financial institutions need to provide T5 (Statement of Investment Income) slips by the end of February 2024, reporting investment income earned outside registered retirement accounts.

• T3 Slips: Beneficiaries receiving income from trusts should expect T3 slips by the end of March 2024. Trusts have additional time to prepare these slips, reflecting trust income allocations.

• T5018 Slips: In the construction industry, T5018 (Statement of Contract Payments) slips, detailing payments to subcontractors, are due six months after the payer's tax year ends, highlighting sector-specific reporting requirements.

• RRSP Contribution Receipts: Receipts for RRSP contributions made in the first 60 days of 2024 may not arrive until May, essential for claiming tax deductions.

Why It Matters

Staying ahead of these deadlines ensures smooth tax season navigation, avoiding penalties for both employers and taxpayers. It's about preparation and timely action, whether it's issuing or waiting on important tax documentation. For those looking for more detailed information or with unique circumstances, the CRA's website or a tax professional can offer tailored advice and guidance.

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