Your T5007 Statement
By law, Workers’ Compensation Boards in Canada must give a T5007 statement to all workers who received compensation benefits in the current tax year.
We create and distribute T5007 statements at the end of each year. All workers, survivors and dependants who received wage replacement benefits from us will get a T5007 statement.
What is a T5007 Statement?
The T5007 statement shows the total amount of wage replacement benefits, less any interest payments, you received up to and including December 31st of the current tax year. You must report this amount on your income tax return.
The Canada Revenue Agency (CRA) requires you to report your WSIB benefits as income, but you do not pay income tax on WSIB benefits. However, WSIB benefits may affect various tax credits that you claim.
Your T5007 statement includes benefits paid in all your claims, even though the statement only shows one claim number.
Most compensation benefits are considered wage replacement benefits by the CRA and are included on the T5007 statement. However, the following benefits are not included in the T5007 amount:
- Interest payments
- Non-Economic Loss Awards
- Medical expenses
- Survivor’s lump sum payments
- Burial expenses
- Personal care allowance
Using your T5007 Statement
To complete your income tax return, enter the amount from box 10 on your T5007 statement on lines 144 and 250 of your income tax form. The amount in Box 10 on your T5007 statement is the total amount of all WSIB benefits paid in all claims in a specific taxation year.
Frequently Asked Questions
Read answers to commonly asked questions about the T5007 statement.
If you are not sure how to use your T5007 statement, please contact your local CRA office or call their inquiry line at 1-800-959-8281. You can also visit the CRA Web site. |
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