You’ll need the T5004: Claim for tax shelter loss or deduction 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 see the following information on your T5004:
- 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 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. For example, tax shelter identification numbers are used by the CRA to identify tax shelters for audit and to verify information related to the tax shelter.
Note: A valid tax shelter identification number consists of 2 alphabetic characters (TS) followed by 6 numeric characters:
Where do I claim this?
Follow these steps in H&R Block’s tax software to file your 2016 taxes:
- On the PREPARE tab, click the LET'S TALK ABOUT 2016 icon.
- Select the checkbox labelled I had investments and/or investment income, or I bought and/or sold property.
- 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.