You’ll need to complete the T5004: Claim for tax shelter loss or deduction form if you’re an investor who’s involved in a tax shelter, and you’re claiming:
- A tax shelter loss or deduction
- A donation or political contribution deduction or
- A tax credit for an interest in a tax shelter
Generally, a tax shelter is a gifting arrangement or acquisition of property where the associated tax benefits are equal to or more than the costs of entering into the arrangement. This means, you're able to minimize your taxes under a tax shelter. For more information on reporting tax shelters, visit the CRA website.
You might also need information from the following slips to complete your T5004 form:
- T5003: Statement of tax shelter information
- T5013: Statement of partnership income
- An official donation or political contribution receipt
Keep in mind, if you receive a T5003, a T5013, and an official donation slip for the same tax shelter, you can only claim your total amount once.
A tax shelter identification number allows the Canada Revenue Agency (CRA) to identify, monitor, and track tax shelter arrangements as well as the individuals who participate in them. It’s important to remember that simply receiving the tax shelter identification number doesn’t confirm your entitlement, as an investor, to claim any tax benefits associated with a tax shelter – the number itself is only used for administrative purposes.
Note: A valid tax shelter identification number consists of 2 alphabetic characters (TS) followed by 6 numeric characters. Example: TS123456
As a Québec resident, if you have any deductions or claims you’d like to make for a tax shelter this year, you’ll need to also complete the TP-1079.6-V form. You’ll need the information from your RL-14 or T5003 slip to complete the TP-1079.6-V page in H&R Block’s tax software.
Where do I claim this?
Follow these steps in H&R Block’s 2018 tax software:
- On the PREPARE tab, click the IN THIS SECTION icon.
- In the Investments box, click the Add This Topic button.
- Click the PENSION PLANS AND INVESTMENTS icon. You'll find yourself here:
- Under the INVESTMENTS IN TAX SHELTERS heading, select the checkbox labelled Claim for tax shelter loss or deduction (T5004), then click Continue.
- When you arrive at the Statement of tax shelter loss or deduction page, enter your information into the tax software.