La Quinta, CA
(760) 895-3516

Thursday, April 30, 2015

Canadian Tax Form T5007 Statement of Benefits

The T5007 Canadian Tax Form, also known as the Statement of Benefits, is issued to those who have received more than $500 in Worker's Compensation benefits, social assistance payments, or provincial or territorial supplements in a given year.

The income stated on Canadian Tax Form T5007 is generally not taxable, but does effect other tax credits such as GST, Child Care Benefits, and other provincial/territorial tax credits.

Are you a Canadian spending a significant amount of time in the United States? Give Borders Bookkeeping a call this year for all your U.S./Canadian tax needs.

Borders Bookkeeping
(760) 895-3516