2025 T Slips | Income tax filing | Discussion forum

Why does it matter? T3 tax slips are not issued until well into March and CRA Netfile is not available until well into February.

Sure, that can work for T5 tax slips for the most part where computers can bang out the numbers but even if one could calculate their tax liability early, what would they do with that information? Sit on it for the next few months?

Some other tax slips such as T3 tax slips cannot come until in March AFTER trusts have been able to finish their own trust tax returns (and liabilities). It seems folks could just chill out until at least the end of February, go golfing in Palm Springs or Mexico in the meantime, and start putting together at that time.

I make my first pass at my tax return about the end of February when I can accumulate and input the bulk of my tax slips (T4, T5 et al) and make the first run in my tax return, and to also determine what other information I may still be missing, e.g. deductions and receipts. I then set it aside until late March when T3 tax slips and a few others come in and run a final about the first week in April. There is no need to know one's tax liability (or refund) until about that time anyway. It is my opinion tax returns consume too much attention (distraction) for too long a period each year. We shouldn't let the process own us.

COIN said
Don't you just hate it when you finished (and already filed your return?) your tax return and a T5 and/or T3 arrives a few days/weeks after their due date?

This can happen with regular T5/T3 and/or amended slips.  

It's why I always monitor my CRA online account for new slips, they often contain enough information to add to a return instead of waiting for the paper versions to arrive in the mail. Another reason not to be too hasty in submitting one's return, as you may have overlooked a relevant slip.

JohnnyCash said
Another reason not to be too hasty in submitting one's return, as you may have overlooked a relevant slip.  

Yes, but one wants to file the return ASAP when one is expecting a refund.

cgouimet said

The point of my original post here is that technology should easily provide most T Slips much sooner than the established schedule. Earlier availability would mean fewer of us would be in a last minute scramble to process and file.  

I don't disagree technology should be able to do that for T5 slips as a minimum and some T4s.

AltaRed said
There is not much time value in interest lost on a tax return filed at the end of April than the end of February. The various T4s (such as CPP, OAS, DB, employment) are not available until about the end of February in most cases.

It seems to me obsessing over circa $30* or so pre-tax interest vs a botched tax filing is close to being counter-productive.

*Example: $6000 refund @ 3% @ 2 months  

second this.

The amount of interest from the refund balance one may receive for early filing is NOT worth the anxiety over a late slip, a modified slip etc etc.

For me, I wait till the last week to file, but then I am net paying on top of instalment anyway. So I have no incentive at all to early file.

Now if I ever end up overpay in my instalment and end up getting a refund, will I be paid interest on that refund ? For now I just pay whatever they ask for.

savemoresaveoften said

second this.

The amount of interest from the refund balance one may receive for early filing is NOT worth the anxiety over a late slip, a modified slip etc etc.

For me, I wait till the last week to file, but then I am net paying on top of instalment anyway. So I have no incentive at all to early file.

Now if I ever end up overpay in my instalment and end up getting a refund, will I be paid interest on that refund ? For now I just pay whatever they ask for.  

"will I be paid interest on that refund"
Based on my memory, I think the answer is yes but
I think the interest only starts from the later of the due date of the return or the filing of the return.

CRA has 30 days before it pays interest on refunds:

Interest on your refund

The CRA will pay you compound daily interest on your 2024 tax refund in some situations. The calculation will start on the latest of the following three dates:

• the 30th day after the balance due date for the tax year
• the 30th day after you file your return
• the day you overpaid your taxes

For more information, see Prescribed interest rates.

Interest is currently 5% compounded daily on non-corporate tax refunds.

CRA won't pay interest from April 30 unless that is the latest of the three dates.

The "the day you overpaid your taxes" is for taxpayers who pay what CRA assesses immediately and then win their appeal of the assessment later.