Personal Finance

T5007 form for Tax Return

  • Last Updated:
  • Feb 9th, 2021 10:00 am
[OP]
Newbie
Sep 12, 2009
32 posts
1 upvote

T5007 form for Tax Return

Preparing my tax return using Intuit TurboTax. It suggested to fill out T5007 form...
Should be it sent to me by CRA, Service Canada or I should download it from internet and fill out by myself??
I try the later just to put amount from line 25000 of the tax return (GIS amount), as recommended, and it is increase my income almost twice...
Please advice!
6 replies
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Feb 1, 2012
1485 posts
2082 upvotes
Thunder Bay, ON
genebest wrote: Preparing my tax return using Intuit TurboTax. It suggested to fill out T5007 form...
Should be it sent to me by CRA, Service Canada or I should download it from internet and fill out by myself??
I try the later just to put amount from line 25000 of the tax return (GIS amount), as recommended, and it is increase my income almost twice...
Please advice!
Are you receiving Workers' Comp or social assistance payments? If so you should receive a T5007 Statement of Benefits form from whichever agency or board is making the payments to you, and enter that info into TurboTax.

Line 25000 includes payments for GIS, Workers' Comp and social assistance payments, so you cannot just copy that amount back to the T5007 form in TurboTax.
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Deal Addict
Jan 19, 2017
4088 posts
2326 upvotes
genebest wrote: Preparing my tax return using Intuit TurboTax. It suggested to fill out T5007 form...
Should be it sent to me by CRA, Service Canada or I should download it from internet and fill out by myself??
I try the later just to put amount from line 25000 of the tax return (GIS amount), as recommended, and it is increase my income almost twice...
Please advice!
Why is it telling you to fill out form T5007? It must be based on some kind of question interview at the beginning of your tax return process.
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Nov 25, 2004
2544 posts
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those t5007 haven't showed up for 2020 yet and if u try to link into the cra to download its not there. really don't matter anyway since even if u had it h and r tax thing said that cra hasn't opened up yet for e filing yet and it wont be till the 22nd according to there online program.
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Jan 21, 2018
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Vancouver
CRA guidance: https://www.canada.ca/en/revenue-agency ... t5007.html

Generally the T5007 shows income from social benefits programs. You add it to your income at line 14400, and then deduct any eligible portion at line 25000. If it's all eligible, then it should cancel out, but not all of this type of income is eligible for deduction.
Deal Addict
Jan 19, 2017
4088 posts
2326 upvotes
genebest wrote: Preparing my tax return using Intuit TurboTax. It suggested to fill out T5007 form...
Should be it sent to me by CRA, Service Canada or I should download it from internet and fill out by myself??
I try the later just to put amount from line 25000 of the tax return (GIS amount), as recommended, and it is increase my income almost twice...
Please advice!
Unless you lost your T5007, you only enter it if you receive it.
Deal Addict
Jan 21, 2018
4349 posts
4406 upvotes
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ml88888888 wrote: Unless you lost your T5007, you only enter it if you receive it.
The OP should receive a T5007 from the source of the income, but if he doesn't, it would be illegal not to report that income. If you don't get the T5007, and If you want the income treated properly, it's probably best to fill out your own. Make sure you get any deduction you are entitled to. If you don't, and the missing income is discovered later, there could be a penalty, interest, and a loss of potential deductions you could have taken.

Not everything gets reported correctly to the CRA. Last year I noted that one financial institution did not issue a T5 for me when they should have, while another sent me a paper T5 that never showed up on the CRA web site. so wasn't filed properly.

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