What Is a T5 Slip in Canada and When Do You Need One?

If you opened your tax documents and found something called a T5 slip, don’t panic: it usually means you earned investment income outside a registered account. Maybe your high-interest savings account paid interest, you bought a GIC, or you started investing through Wealthsimple or Questrade after landing your first full-time job. A T5 is not a bill and it does not mean you made a tax mistake. It is simply a record of taxable money you earned from investments during the year.

The confusing part is that a T5 can show up even when you never withdrew money from your account. Interest and dividends can be taxable as they are earned, not only when cash lands in your chequing account. Knowing what a T5 reports can help you file accurately, avoid missing income, and feel much less stressed at tax time.

Quick answer: A T5 slip is a Canadian tax slip that reports investment income such as bank interest, dividends, and some foreign income earned in a non-registered account. You usually receive one by the end of February if an institution paid or credited you $50 or more in reportable investment income, but you must report all taxable investment income even if no T5 arrives.

What is a T5 slip in Canada?

A T5 slip is an official tax form that shows investment income you earned during a calendar year. Banks, credit unions, brokerages, and other payers send T5 slips to you and the Canada Revenue Agency (CRA), so the CRA can match the income on your tax return with the income reported by the institution.

For someone in their 20s, the most common reason to get a T5 is interest from a non-registered savings account or GIC. For example, if you kept $5,000 in a regular EQ Bank savings account and earned $180 in interest during 2026, EQ Bank may issue a T5 showing that $180. If you own stocks or ETFs in a non-registered Wealthsimple or Questrade account, your T5 may also show dividends paid by Canadian companies.

A non-registered account is simply an investing or savings account without special tax sheltering. Unlike a TFSA, RRSP, or FHSA, income earned in a non-registered account is generally taxable each year. Your T5 tells you what amount to include when you file your personal tax return.

A T5 is different from a T4 slip, which reports employment income from a job. If you worked at a coffee shop and earned interest in a savings account, you may receive both a T4 and a T5.

When will you receive a T5 slip?

You will usually receive a T5 slip when a bank, brokerage, or other payer reports $50 or more of certain investment income paid or credited to you during the year. Financial institutions generally have to send T5 slips to recipients and file them with the CRA by the last day of February following the tax year. For 2026 income, expect the slip by the end of February 2027.

The $50 threshold does not mean income below $50 is tax-free. If your savings account earned $18.42 in interest and your bank does not issue a T5, you are still supposed to report that $18.42 on your tax return. The slip threshold affects whether the payer needs to prepare a T5, not whether you owe tax on the income.

You may receive a T5 when you earn interest from a regular savings account, a cash account, a GIC, a corporate bond, or money you lent through an investment platform. You may also receive one for Canadian dividends, foreign investment income, or certain royalty income. Your brokerage may issue multiple tax slips if you have investments held in different account types or if the investments report different kinds of income.

Registered accounts generally work differently. Interest and dividends inside a TFSA are tax-free, so you do not receive a T5 for that income. Investments inside an RRSP grow tax-deferred, meaning you usually do not report yearly interest or dividends either. An RRSP withdrawal is reported on a T4RSP, not a T5. An FHSA also does not normally produce a T5 for investment growth inside the account.

Quick tip: Check your CRA My Account and your bank or brokerage tax-document centre in early March, even if your mail has not arrived. Digital slips can appear there first, and CRA My Account makes it easier to spot slips you may have missed.

What income appears on a T5 slip?

A T5 slip can report several types of investment income, and each type may be taxed differently. The most straightforward amount is interest income, often shown in box 13. This includes interest from a regular savings account, GIC, bond, or cash balance held outside registered accounts. If you earned $250 of interest, you generally report the full $250 as income.

Canadian dividends can also appear on a T5, but they may look more complicated than interest. A Canadian corporation may pay an eligible dividend or a non-eligible dividend. Your T5 may show the actual cash dividend, a “taxable amount” after a calculation called a gross-up, and a dividend tax credit. Tax software normally puts these figures in the right places when you enter the slip exactly as shown.

Foreign investment income may appear on a T5 too. For instance, if a U.S. stock in your non-registered brokerage account paid you US$40 in dividends, your T5 may report the Canadian-dollar equivalent and any foreign tax withheld. Foreign withholding tax is tax taken by another country before the dividend reaches you. Depending on your situation, you may be able to claim a foreign tax credit to reduce double taxation.

Do not confuse a T5 with a capital gains report. If you sold an ETF or stock for more than you paid, that is generally a capital gain and is reported using your brokerage’s trading summary or tax package, not just the T5. If you are new to investing, understanding this difference matters as much as picking an account. Our guide to capital gains tax in Canada breaks down what happens when you sell an investment for a profit.

How do you report a T5 slip on your tax return?

You report a T5 slip by entering every box exactly as it appears into CRA-certified tax software or giving the slip to your tax preparer. Most online tax software lets you search for “T5” and copy in the box amounts. If you use Auto-fill my return through CRA My Account, some T5 information may populate automatically, but you should still compare it with the slip from your bank or brokerage.

Interest income is usually included with your other taxable income. That means a $100 interest payment does not automatically create a $100 tax bill; it is added to your total income and taxed at your marginal tax rate. Many students and lower-income workers owe little or no federal income tax because of credits such as the basic personal amount. Still, filing accurately matters because your return also affects benefits, credits, and contribution room.

Keep your T5 and any related brokerage records for at least six years after the end of the tax year. The CRA does not always ask to see documents when you file, but it can ask for proof later. Save PDFs in a tax folder rather than relying on an old email or app notification.

If a T5 arrives after you filed, do not ignore it. You can adjust your return through CRA My Account, use your tax software’s adjustment feature, or ask your tax preparer to help. Catching a missing $75 slip yourself is usually much easier than waiting for the CRA to reassess your return.

Can you avoid getting a T5 legally?

You can reduce taxable investment income by using registered accounts before keeping investments in a non-registered account. A TFSA is often the simplest first choice for students and new grads because eligible Canadians can earn interest, dividends, and investment gains inside it without reporting that growth on their tax return.

That does not mean you should move every dollar into a TFSA without a plan. Keep emergency money accessible, avoid contributing more than your available TFSA room, and choose an account that fits the job. A regular high-interest savings account can still be useful for short-term cash, even though its interest is taxable. Compare rates and account details with this guide to high-interest savings accounts in Canada.

A T5 is not something to fear or automatically avoid. It often means your savings or investments earned money. The goal is simply to understand where your money is held, use registered account room thoughtfully, and report taxable income correctly.

Frequently Asked Questions

Do I need to report interest income under $50 if I did not get a T5?

Yes, you need to report taxable interest income under $50 even if you did not receive a T5 slip. The $50 amount is generally a threshold for the bank or payer to issue a T5, not a rule that makes smaller amounts tax-free. Check your year-end account statement or transaction history for the exact interest earned.

Is a T5 slip the same as a T4 slip?

No, a T5 slip is not the same as a T4 slip. A T4 reports employment income, income tax deducted, CPP contributions, and EI premiums from a job, while a T5 reports investment income such as interest and dividends. You can receive both slips in the same tax year.

Do I get a T5 for my TFSA?

No, you do not normally get a T5 for interest, dividends, or investment gains earned inside a TFSA. TFSA investment income is generally tax-free and does not need to be reported on your personal tax return. You may still receive account statements from your provider, but those are not tax slips to file.

When is the T5 slip deadline in Canada?

T5 slips are generally due to recipients and the CRA by the last day of February after the calendar year in which the income was paid or credited. For example, a T5 for income earned in 2026 is generally issued by February 28, 2027. If the deadline falls on a weekend or holiday, the deadline may move to the next business day.

What should I do if my T5 slip is wrong or missing?

If your T5 slip is wrong or missing, contact the bank, brokerage, or payer that issued it and ask for a corrected or duplicate copy. Do not change the amounts yourself unless the issuer confirms the error. If you know you earned taxable income but cannot get the slip before filing, report your best accurate amount and keep records supporting it.

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