T5007 Statement of Benefits

T5007 Statement of Benefits

Information slip for agencies or bodies to report payments for workers' compensation benefits or social assistance.

Year

Enter the four digits of the calendar year in which the workers' compensation benefits or social assistance payments were paid.

Box 10 – Workers' compensation benefits

There are three methods of payment:

direct payment to a claimant

full-salaried employee award, when the workers' compensation board repays the awarded amount to the employer who has advanced the money to the employee in anticipation of the award

self-insured employee award, when the workers' compensation board determines the eligibility of the claim and the amount of the award, but full responsibility for payment rests with the employer, or with an insurance company

Direct payment to claimant – Enter in box 10 the total amount (dollars and cents) of workers' compensation benefits paid to the recipient in the year. Full-salaried employee award and self-insured employee award – Enter in box 10 the total amount (dollars and cents) of the workers' compensation award for the calendar year. The total payment must be reported in the year in which it is paid.

Box 11 – Social assistance payments or provincial or territorial supplements

Enter the total amount (dollars and cents) of assistance paid to the recipient in the calendar year.

When there is a legal transfer of certain income amounts – In some circumstances, individuals can formally assign their rights to receive certain income, or a province or territory can transfer their rights to receive such income (for example, child support and alimony payments). Once an individual transfers his or her rights to support payments to a provincial or territorial authority, the province or territory then has the legal right to collect these payments. In this case, report in box 11 the total social assistance payments paid to the recipient in a calendar year, minus the money recovered through a formal assignment or transfer.

When certain income amounts are assigned to repay assistance – Individuals could face financial difficulties while waiting for certain income amounts (for example, workers' compensation benefits, employment insurance benefits, and Canada Pension Plan payments). During these waiting periods, they may rely on a social services agency for financial support. In such situations, they could sign agreements to repay any assistance they receive. In these agreements, they could assign their rights to all or part of any income amounts to the social services agency.

In such a situation, you have to issue a T5007 slip for the amount of social assistance advanced to the individual less any amounts recovered by assignments. The income that is received from the other agencies in repayment for the social assistance advances keeps its identity, and those agencies will issue the applicable information slip to the individual for whom the payments were made.

Child support payments paid under an order or agreement made or varied after April 1997 are neither included in the recipient's income nor deductible by the payer.

Box 12 – Social insurance number

Enter the individual's social insurance number (SIN). You have to make a reasonable effort to get the SIN from each recipient. If the individual does not have a SIN, he or she has to apply for one.

If you have not received the SIN by the time you prepare the T5007 slip, do not delay completing the T5007 information return beyond the required filing date. Instead, leave this box blank and file the return on time. If an individual gives you his or her SIN after you have sent the T5007 information return to us, the individual does not need to receive an amended T5007 slip with the correct SIN but a copy should be sent to us.

For more information about SIN reporting requirements and the related penalties, see Failure to provide a social insurance number and Using the social insurance number. For more information, see Information Circular IC82-2R, Social Insurance Number Legislation that Relates to the Preparation of Information Slips or visit the Service Canada website.

Box 13 – Report code

Enter on each slip one of the following codes to indicate whether the slip is:

"O" original

"A" amended (changing the financial data or identification information)

"C" cancelled

When using code "A" or "C," enter a description at the top of the slip (for example, "AMENDED" or "CANCELLED") and include a written explanation of the reason for filing the slip.

Recipient's name and address

Enter the last name of the recipient first, in capital letters, followed by the first name and initials. Enter the recipient's full mailing address.

Payer's name and address

Enter on each T5007 slip the complete name and address of the workers' compensation board, the social services agency, or similar body that paid the benefits or assistance, or determined an award to the recipient.

For further information please contact Taxtron Support at 416-491-0333 or visit www.taxtron.ca