Gather All Income Slips: T4, T5, T4A & Business Income

A Complete Guide to Accurate Tax Filing in Canada

One of the most important steps in filing your Canadian tax return is gathering all income slips. Missing documents such as T4, T5, T4A, or unreported business income can lead to CRA reassessments, penalties, and interest.

At Tiki Tax, we help individuals and businesses ensure all income is properly reported—so your tax return is accurate, compliant, and stress-free.

What Are Income Slips?

Income slips are official tax forms issued by employers, financial institutions, or payers that report income earned during the tax year. The Canada Revenue Agency (CRA) uses these slips to match your tax return against their records.

📌 Even if you forget to report an income slip, CRA already has a copy.

Common Income Slips You Must Gather

T4 – Employment Income

• Salary, wages, bonuses, tips

• Issued by your employer

T5 – Investment Income

• Interest from banks

• Dividends from stocks or mutual funds

T4A – Other Income

• Freelance or contract income

• Pensions, commissions, scholarships

• Government benefits (if applicable)

Business Income – Self-Employed Earnings

• Revenue from sole proprietorship or freelance work

• Includes cash, e-transfer, online, and foreign income

• Requires proper expense tracking

⚠️ Not all business income comes with slips—you are responsible for reporting it accurately.

Why Gathering All Income Slips Matters

✔️ Prevent CRA reassessments
✔️ Avoid penalties for unreported income
✔️ Calculate the correct tax payable or refund
✔️ Maximize eligible deductions and credits

Missing even one income slip can result in:

• Additional tax owing after filing

• Interest charges from CRA

• Loss of trust with tax authorities

How to Check If You Have All Your Income Slips

• Log in to CRA My Account

• Review the Tax Information Slips section

• Compare with your bank statements and personal records

• Identify income from multiple employers or payers

What If You’re Missing an Income Slip?

• Contact your employer or income payer

• Download copies from CRA My Account

• Use reasonable estimates if necessary (with professional guidance)

⚠️ Guessing without proper support can increase audit risk.

How Tiki Tax Can Help

✔️ Verify all income slips reported to CRA
✔️ Identify missing or incorrect slips
✔️ Accurately report self-employed and business income
✔️ Reduce CRA audit and reassessment risks

We regularly assist:

• Newcomers to Canada

• Freelancers and gig workers

• Small business owners

Start Your Tax Filing the Right Way

Gathering your income slips is the foundation of a successful tax return.

👉 Contact Tiki Tax today to ensure your T4, T5, T4A, and business income are reported correctly—and avoid costly mistakes.

🌐 Website: https://www.tikitax.ca/