What is the T5007 tax form?
The T5007 form, commonly called a Statement of Benefits is what 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, as well as other provincial tax credits. The income must be claimed in the total income calculations of your Income Tax and Benefit Return. Report the Workers Compensation Benefits on line 14400 and the Social assistance income on line 14500. You will deduct the same amounts on line 25000 before you reach your taxable income.
Who has to file a T5007?
T5007 can be filed by any governmental entity such as provincial, territorial, municipal agency, etc. who has to file information when:
- It makes social assistance payments based on the income. The payments will be included in Box 11 of the T5007.
- It pays an amount to an individual for compensation under a federal, provincial, or territorial employees’ or workers’ compensation law for injury, disability, or death. This income will be reported in Box 10 of the T5007.
If you have more than one claim for the WCB, you will receive one slip for all of your claims instead of one per claim.
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