What is it?
The T5007 statement issued by us reports all compensation benefits paid to you or on your behalf during the calendar year.
These benefits includes earnings loss benefits and survivor benefits.
We mail the forms in late February each year.
Though compensation benefits are not taxable, they might affect certain tax credit claims and payments. That’s why these benefits must be included as part of net income.
The T5007 is an official income tax form and should be included with your other tax documents and provided to whomever completes your tax return.
Why did I receive a T5007 when I didn’t receive any payments from the Yukon Workers’ Compensation Health and Safety Board during the year?
We always send the T5007 to the injured worker regardless of who receives the payments. Payments may be made to others under several circumstances.
Your employer may continue to pay your wages while you are receiving compensation. We then reimburses your employer for the wage-loss benefits you’ve received.
If payments are made to a trustee, a T5007 slip would have been issued in your name in care of the trustee. This also applies to any dependent spouse or child, because either is considered to be the primary payee.
Your employer is responsible for determining if or how the payments are recorded on your T4 slip. These amounts are dependent upon your particular employment arrangement.
The benefits that dependent children receive are included in the guardian’s T5007.
Are payments for tuition and books included in T5007 slips for injured workers or dependent children?
No. These payments are considered expenses and are not included.
No. Some benefits are considered expenses and are not included in Box 10 of the T5007. Some examples include:
- clothing allowances
- personal care allowances
- interest payments
- medical expenses
- funeral expenses
If you received a lump-sum payout, it will be included in the T5007 if it was paid directly to you (sums under $50,000). If the lump sum is paid to an investment company (sums over $50,000), the T5007 will be issued to the investment company.
If there was an overpayment and it has been repaid to us, the amount on the T5007 reflects that repayment in the year it was made.
If the repayment relates to prior year’s benefits and exceeds the current year’s benefits, the excess will be applied to the previous year and you will receive an amended T5007. You should amend your income tax accordingly.
The amended T5007 should be submitted to the Canada Revenue Agency along with a request for a reassessment for the year indicated on the T5007.
We cannot guarantee the accuracy of the information as it applies to your personal circumstances. We do not have the expertise to provide specific tax, accounting or legal advice about the T5007 form.
Please consult a professional tax or legal advisor or the Canada Revenue Agency with specific questions about the T5007 form.
The Canada Revenue Agency Inquiry line: 1-800-959-8281
Other CRA contact numbers can be found at Contact the Canada Revenue Agency.
We are happy to answer your questions. Phone us at 867-667-5645 or toll free at 1-800-661-0443.