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Level 2
posted Mar 9, 2021 3:44:25 PM

T5007 Workers' Compensation benefits

There are two Box 10 options to choose when entering a T5007: Workers' Compensation Benefits and Workers' Compensation Benefits (tax-exempt income).  How does one know which box to use?  Am using TurboTax Free Online version.

0 5 1996
5 Replies
Level 3
Apr 20, 2021 2:33:08 PM

Thank you for choosing TurboTax.

The Canada Revenue Agency (CRA) requires you to report your Worker's Compensation Benefits as income, but you do not pay income tax on WSIB benefits. Your WSIB benefits may affect some tax credits that you claim.  You need to fill out an amount in the first box in TurboTax.

 

Workers' Compensation Benefits (tax-exempt income) do not affect your income and credits it is used for information.  

New Member
Mar 1, 2023 1:01:35 PM

with the two boxes there is a huge difference in the return that will be coming back to me. If i enter it in one box i get $100 refund. if i enter it in the other i get over $2000.  Why such a difference?

Level 15
Mar 9, 2023 9:04:04 AM

You would enter your amount in the first box 10 if you are a tax payer and the second box 10 only if you are tax-exempt.

Please see the example below in the link:

Statement of Benefits T5007

Thank you for choosing TurboTax.

New Member
Apr 10, 2024 7:03:53 AM

WCB benefits are non-taxable...does that mean tax exempt? It is unclear which line 10 to input the information and as said above, which line you enter significantly changes the return

Intuit Alumni
Apr 10, 2024 7:45:13 AM

Yes it means it is tax exempt. For information, please see the WSIB link: Income tax reporting and T5007 statements

 

Thank you for choosing TurboTax.