T5 vs. T5008 in Canada: What's the Difference for Tax Filing?
Published: Aug 12, 2026
Tax season in Canada may involve several different tax slips, especially for individuals with non-registered accounts or investment activity. Two commonly issued tax documents are the T5 slip and T5008 slips. While both can relate to investment activity, they are generally used to report different types of information for an income tax return.
Understanding the difference between a T5 slip and a T5008 may help investors review their tax slips more efficiently and organize information for personal tax returns. These forms can also provide different details that may be relevant when reporting investment income, securities transactions, and capital gains.
What Is a T5 Slip?
A T5 slip is a tax document that may be issued to report certain types of investment income earned during the tax year. Financial institutions and other payers may provide this slip to individuals who received eligible payments, such as interest income or dividend income.
The Canada Revenue Agency (CRA) generally uses the T5 slip to track taxable investment income that may need to be included on an income tax return.
Types of Income Reported on a T5 Slip
A T5 slip may include several categories of investment income received, including:
Interest income from savings accounts or guaranteed investment certificates
Dividend income from publicly traded shares
Eligible dividends
Non-eligible dividends
Foreign income
Foreign taxes paid
Certain royalty payments
The information shown on a T5 slip may vary depending on the financial institution and the type of account involved.
What Are T5008 Slips?
T5008 slips, also called the Statement of Securities Transactions, are generally used to report securities transactions that occurred during the tax year. These slips may be issued when investments, such as stocks, exchange-traded funds (ETFs), mutual funds, or bonds are sold within non-registered accounts.
Unlike a T5 slip, which focuses on investment income earned, the T5008 is commonly associated with proceeds from investment sales and capital gains reporting.
A T5008 may include details such as:
Description of the security sold
Quantity of securities
Settlement date
Transaction date
Proceeds of disposition
Currency used for the transaction
The Canada Revenue Agency may use information from T5008 slips to compare reported securities transactions against details included on personal tax returns.
T5 vs. T5008: The Main Difference
The primary distinction between T5 vs. T5008 tax slips generally relates to the type of information being reported.
T5 Slip | T5008 Slip |
Reports investment income | Reports securities transactions |
Often includes interest income and dividend income | Often includes proceeds from investment sales |
May relate to income earned during the year | May relate to the sale or disposition of investments |
Can include foreign income and withholding tax information | Can include details about settlement date and transaction date |
Commonly used for taxable income reporting | Commonly used for capital gains calculations |
Although both are considered tax slips, they may serve different purposes when preparing an income tax return.
How the T5 Slip Is Commonly Used
A T5 slip may support the reporting of investment income received throughout the year. The amounts listed on the slip may be entered into specific sections of an income tax return depending on the type of income involved.
Interest Income
Interest income may be reported from:
Savings accounts
High-interest savings products
Guaranteed investment certificates (GICs)
Certain bonds
Interest income can contribute to taxable income in the year it is received or earned.
Dividend Income
Dividend income may appear separately on a T5 slip because different tax treatment can apply to eligible dividends and non-eligible dividends.
Eligible dividends are generally associated with corporations that may qualify for the enhanced dividend tax credit, while non-eligible dividends may be linked to smaller private corporations.
Foreign Income and Foreign Taxes Paid
A T5 slip may also include:
Foreign income
Withholding tax amounts
Foreign taxes paid
Currency conversion using the applicable exchange rate may be required when foreign income is reported in a currency other than Canadian dollars.
How T5008 Slips Are Commonly Used
T5008 slips are generally associated with the reporting of investment sales and dispositions. The slip may help summarize securities transactions that occurred during the tax year.
However, the amounts listed on a T5008 may not always reflect the final capital gain or capital loss for tax purposes.
Why Adjusted Cost Base Matters
One of the most important factors in calculating capital gains is the adjusted cost base.
Adjusted cost base generally refers to the total cost of an investment, including:
Purchase price
Commissions or transaction costs
Certain reinvested distributions
A T5008 often reports the proceeds from a sale but may not include a complete adjusted cost base figure. Because of this, investors may need additional records to determine capital gains accurately.
Example of Capital Gains Reporting
If publicly traded shares are sold during the year, a T5008 may report the proceeds received from the transaction.
To calculate a capital gain or capital loss, the following information may also be relevant:
Original purchase cost
Transaction fees
Adjusted cost base
Sale proceeds
The difference between the adjusted cost base and the proceeds of disposition may contribute to capital gains or capital losses reported on the income tax return.
Why Investors May Receive Both Tax Slips
Some investors may receive both a T5 slip and T5008 slips during the same tax year.
For example:
A T5 slip may report dividend income earned from publicly traded shares
A T5008 may report the sale of those same shares
This can occur because investment income and securities transactions are generally reported separately for tax purposes.
Common Information Found on Tax Slips
Tax documents issued by financial institutions may include a variety of identifying and transactional details.
Information Often Included on a T5 Slip
A T5 slip may contain:
Recipient name and address
Social insurance number
Payer information
Interest income
Dividend income
Eligible dividends
Non-eligible dividends
Foreign income
Foreign taxes paid
Information Often Included on T5008 Slips
T5008 slips may contain:
Description of securities
Quantity sold
Settlement date
Transaction date
Adjusted cost base, where available
Proceeds of disposition
Currency information
The details reported may vary depending on the institution and the type of securities transactions involved.
Settlement Date vs. Transaction Date
When reviewing T5008 slips, investors may notice both a settlement date and a transaction date.
Transaction Date
The transaction date generally refers to the day the trade was executed in the market.
Settlement Date
The settlement date generally refers to the day ownership and payment are finalized between parties.
For tax reporting purposes, the transaction date may often determine the applicable tax year for securities transactions, although reporting practices can vary.
How Exchange Rates May Affect Reporting
Investment income earned or securities transactions involving foreign currency may require conversion into Canadian dollars.
This can apply to:
Foreign income reported on a T5 slip
Foreign taxes paid
Securities transactions completed in another currency
The exchange rate used may affect reported taxable income and capital gains calculations.
Non-Registered Accounts and Tax Slips
T5 slips and T5008 slips are commonly associated with non-registered accounts because investment activity in these accounts may create taxable events.
Examples of non-registered accounts may include:
Individual cash investment accounts
Joint investment accounts
Margin accounts
Registered accounts, such as Tax-Free Savings Accounts (TFSAs) or Registered Retirement Savings Plans (RRSPs), may follow different tax reporting rules, depending on the type of transaction and account activity involved.
Differences Between Investment Income and Capital Gains
One area that can create confusion during tax filing is the distinction between investment income and capital gains.
Investment Income
Investment income may include:
Interest income
Dividend income
Foreign income
This type of income is commonly reported on a T5 slip.
Capital Gains
Capital gains may occur when securities are sold for more than their adjusted cost base.
Capital gains reporting is more commonly associated with T5008 slips and securities transactions.
Although both may affect taxable income, they are generally calculated and reported differently.
Why T5008 Amounts May Differ From Personal Records
Investors sometimes notice differences between the amounts shown on T5008 slips and their own records.
This can happen for several reasons, including:
Missing adjusted cost base information
Currency conversion differences
Corporate actions, such as stock splits
Reinvested distributions
Multiple purchases of the same security over time
Because of these factors, additional documentation beyond the Statement of Securities Transactions may sometimes be reviewed when preparing personal tax returns.
Overview of T5 vs. T5008 in Canada
Understanding the difference between a T5 slip and T5008 slips may help investors organize tax documents and review investment activity during tax season. While a T5 slip generally relates to investment income, such as interest income, dividend income, and foreign income, the Statement of Securities Transactions is more commonly connected to securities transactions and potential capital gains reporting. Both tax slips may contain information relevant to an income tax return, particularly for individuals with non-registered accounts. Reviewing details, such as adjusted cost base, settlement date, and foreign taxes paid, may also support more accurate reporting of taxable income and investment activity.
