If you invested in a tax shelter in 2018, you’ll receive either a:
- T5003: Statement of Tax Shelter Information slip or a
- RL-14: Information about a tax shelter slip (resident of Québec)
According to the Canada Revenue Agency (CRA), a tax shelter is loosely defined as a gifting arrangement or the acquisition of property to obtain favourable tax benefits. This means, you're able to minimize your taxes under a tax shelter. Gifting arrangements where the donor has a limited recourse debt is also considered to be a tax shelter. The tax benefits and deductions resulting from a tax shelter arrangement should equal or exceed the cost of the gift or the property.
Note: If you want to claim a tax shelter loss or deduction, you’ll need to complete the T5004 page in H&R Block’s tax software.
Where do I enter this?
Follow these steps in H&R Block’s 2018 tax software:
- On the QUICK ENTRY tab, click the QUICK SLIP icon. You'll find yourself here:
- Type T5003: Statement of tax shelter information in the search field and either click the highlighted selection or press Enter to continue.
- When you arrive at the T5003 page, enter your information into the tax software.