The T5007 form, commonly called a Statement of Benefits is what you will receive it if you got more than $500 in Workers Compensation Benefits, social assistance payments, or provincial or territorial supplements.
The income indicated on the form is generally not taxable but it is used to calculate if you are entitled to federal tax credits like the GST credit, as well as other provincial tax credits. The income must be claimed in the total income calculations of your Income Tax and Benefit Return. Report the Workers Compensation Benefits on line 14400 and the Social assistance income on line 14500.
You will deduct the same amounts on line 25000 before you reach your taxable income.
Thank you for choosing TurboTax.
Sign In
Canada (English)
EN
