A T5 slip reports investment income earned outside registered accounts (RRSP, TFSA). Common sources include interest from savings accounts and GICs, dividends from Canadian stocks, and foreign income. Banks and brokerages issue them by the end of February.

Do I get a T5 for TFSA or RRSP income?

No. Investment income inside TFSAs is tax-free, and RRSP income is tax-deferred. You only receive T5 slips for non-registered (taxable) accounts.

What is the $50 rule for T5 slips?

Issuers are only required to provide T5 slips if you earned $50 or more in investment income. However, you must still report smaller amounts on your tax return even if you do not receive a slip.

What is the difference between eligible and other than eligible dividends?

Eligible dividends are from large Canadian corporations and receive a larger dividend tax credit. Other than eligible dividends are from small businesses (CCPCs) and receive a smaller credit. Both are grossed-up on your tax return.

T5 Slip Explained: Investment Income in Canada (2026)

What Is a T5 Slip?

The T5 Statement of Investment Income reports investment income earned in taxable accounts.

Feature	Details
Full name	Statement of Investment Income
Issued by	Banks, brokerages, corporations
Reports	Interest, dividends, and other investment income
Due date	Last day of February
Threshold	$50 (but report all income even without a slip)

T5 Box Guide

Interest Income

Box	Description	Tax Treatment
13	Interest from Canadian sources	Fully taxable

Interest income includes:

Savings account interest
GIC interest
Bond interest
Canada Savings Bonds

Report on Line 12100 of your tax return.

Dividend Income

Box	Description	Tax Treatment
10	Actual eligible dividends	Gross-up 38%, then dividend tax credit
11	Taxable eligible dividends	Already grossed-up amount
23	Actual other than eligible dividends	Gross-up 15%, then dividend tax credit
24	Taxable other than eligible dividends	Already grossed-up amount

Understanding the Dividend Gross-Up

Type	Actual Dividend	Gross-Up	Taxable Amount
Eligible	$1,000	38%	$1,380
Other than eligible	$1,000	15%	$1,150

The gross-up increases your income, but you receive a dividend tax credit that more than offsets it at lower tax brackets.

Foreign Income

Box	Description	Tax Treatment
15	Foreign income	Fully taxable
16	Foreign tax paid	Claim foreign tax credit

Other Boxes

Box	Description
14	Other income from Canadian sources
17	Royalties from Canadian sources
18	Capital gains dividends
25	Actual dividends eligible for gross-up
26	Taxable dividends eligible for gross-up

How Dividends Are Taxed

Eligible Dividends (Box 10/11)

Where they come from: Large public corporations and some private corporations that paid high rates of corporate tax.

Step	Calculation	Example
Actual dividend (Box 10)	—	$1,000
Gross-up (38%)	× 1.38	$1,380
Federal tax (example 20.5%)	—	$283
Federal dividend tax credit	15.02% of grossed-up	-$207
Net federal tax	—	$76

Provincial dividend tax credits provide additional relief.

Other Than Eligible Dividends (Box 23/24)

Where they come from: Small businesses (CCPCs) that paid lower corporate tax rates.

Step	Calculation	Example
Actual dividend (Box 23)	—	$1,000
Gross-up (15%)	× 1.15	$1,150
Federal tax (example 20.5%)	—	$236
Federal dividend tax credit	9.03% of grossed-up	-$104
Net federal tax	—	$132

Which Boxes to Use on Your Tax Return

What to Report	Use Box
Actual dividends received	Box 10 (eligible) or Box 23 (other)
Taxable dividends	Box 11 (eligible) or Box 24 (other)
Dividend tax credit	Box 12 (eligible) or Box 25 (other)

Report taxable dividends (Box 11 or 24) on Line 12000.

How to Report T5 Income

T5 Box	Tax Return Line	Description
11	12000	Taxable eligible dividends
12	40425 (Schedule 1)	Federal dividend tax credit (eligible)
13	12100	Interest income
15	12100	Foreign income
16	T2209	Foreign tax credit
18	Schedule 3	Capital gains dividends
24	12000	Taxable other than eligible dividends
25	40425 (Schedule 1)	Federal dividend tax credit (other)

Common T5 Situations

High-Interest Savings Account

Source	Box	Treatment
Interest earned	13	Report on Line 12100, fully taxable

Even if your HISA is at 4%, the interest is taxed at your full marginal rate.

Canadian Bank Stocks

Source	Box	Treatment
Dividends from big banks	10/11	Eligible dividends, favourable tax treatment

Big bank dividends qualify for the enhanced dividend tax credit.

GIC Interest

Year	Tax Situation
Annual compound	Taxed each year as accrued
Maturity	All accumulated interest on final T5

Banks may issue T5 slips for accrued interest even if the GIC hasn’t matured.

US Stocks in Taxable Account

Source	Treatment
US dividends	Report as foreign income (Box 15)
US withholding tax	Claim foreign tax credit (Box 16)

The US withholds 15% on dividends to Canadians (with W-8BEN). Claim this as a foreign tax credit.

T5 vs Other Investment Slips

Slip	What It Reports
T5	Interest, dividends, foreign income (from banks/brokers)
T3	Trust income (mutual funds, ETFs)
T5008	Securities transactions (proceeds of disposition)
T4RSP	RRSP withdrawals
T4RIF	RRIF withdrawals

Many investors receive both T5 and T3 slips:

T5: For interest and dividends from individual stocks
T3: For distributions from mutual funds and ETFs

No T5 Received?

Under $50 Threshold

Financial institutions aren’t required to issue T5s for amounts under $50. However:

You must still report the income
Check your online banking for interest earned
Add up all accounts at the same institution

Report All Investment Income

Even without a T5:

Calculate interest earned on all accounts
Report dividends received from stocks
Include foreign income and withholding taxes

The CRA has this information from financial institutions and will add it to your return if you miss it.

Tax Planning with T5 Income

Hold Fixed Income in Registered Accounts

Account Type	Interest Taxation
TFSA	Tax-free forever
RRSP	Tax-deferred
Non-registered	Fully taxable now

Interest income is taxed at your full marginal rate. Holding GICs and bonds in registered accounts is more tax-efficient.

Canadian Dividends in Taxable Accounts

Account Type	Dividend Taxation
Non-registered	Dividend tax credit reduces tax
TFSA	Tax-free, but no credit needed
RRSP	No credit; withdrawals taxed as regular income

Canadian dividends are more tax-efficient in non-registered accounts because of the dividend tax credit.

Foreign Dividends

Account Type	Consideration
RRSP	No US withholding tax (tax treaty)
TFSA	15% US withholding, no recovery
Non-registered	15% withholding, foreign tax credit available

Hold US dividend stocks in RRSPs when possible to avoid losing the 15% withholding.

Key Deadlines

Deadline	Description
February 28	Issuers must provide T5 slips
March 15	T5s usually available on CRA My Account
April 30	Tax filing deadline

Adjustments After Filing

If you receive a corrected T5 after filing:

Wait until your original assessment is complete
File a T1-ADJ adjustment request
Include the corrected T5 information
The CRA will reassess your return