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What is the T5007 tax form? It is commonly called a Statement of Benefits. You will receive it if you got more than $500 in Workers Compensation benefits, social assistance payments or provincial or territorial supplements. The income indicated on the form is generally not taxable but it is used to calculate if you are entitled to federal tax credits like the GST credit and Child Tax Benefit, as well as other provincial tax credits. What if I have more than one Workers Compensation claim? You will receive one slip for all of your claims instead of one per claim.
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