To report income from Workers' Compensation, Social Assistance Payments, or Provincial Supplements in Wealthsimple Tax:
- Add the Statement of Benefits section to your tax profile
- Enter your T5007 information:
- Box 10: Report Workers' Compensation Benefits
- Box 11: Report Social Assistance Payments and Provincial/Territorial Supplements
- For linked profiles with social assistance payments:
- If you have an amount in box 11, answer the question:
"Did you live with your partner when you received these social assistance payments?" - If you answer "Yes," this income will only be included on the higher-income partner's return
- If you have an amount in box 11, answer the question:
Important notes:
- Ensure all amounts are entered accurately from your T5007 slip
- Keep your T5007 slip for your records
- These benefits may affect other credits and deductions on your return
For couples:
- Only one partner reports social assistance payments if living together
- The higher-income partner typically reports this income
Remember:
- Report all income, even if you didn't receive a T5007 slip
- If you're unsure about any amounts, contact the issuing agency
If you need assistance entering T5007 information in Wealthsimple Tax, please contact Wealthsimple support. For questions about how these payments affect your tax situation, consider consulting with a tax expert.
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