T5007 Tax Slips
Workers who received payments from WCB Nova Scotia in 2023 can expect to receive their T5007 tax slip by the end of February. T5007 tax slips will be mailed to workers starting the week of February 12th.
T5007 tax slips allow workers to report their WCB-related earnings as part of their tax return. They are issued for:
- Short-Term or Temporary Earnings Replacement Benefits (TERB) Payments
- Permanent Impairment Benefits (PIBs)
- Long-Term or Extended Earnings Replacement Benefits (EERBs) and Pension Payments
- Survivor Payments
- Annuities
Please watch your mailbox over the last few weeks of February. If, for some reason, you need a reprint or haven’t yet received your T5007 slip by February 28, please call us at 1-800-870-3331 and we will help you get a reprint.
Why does WCB issue a T5007 tax slip?
Each year the WCB issues T5007 slips to all workers or their dependents who have received WCB payments in the previous tax year. The amount shown on the T5007 slip is not taxable, but people who receive it must include the amounts in their net income. If you have questions about how to use your T5007 slip for your tax preparations, please contact the CRA or speak with your tax advisor.
Full Salary/Salary Continuance Reports
Full salary reports are now available on WCB’s MyAccount for employers who paid earnings replacement benefits to workers in 2023. Full salary reports allow employers to indicate on their employees’ T4 slips what portion of their earnings are WCB-related. This information is provided to employers who were reimbursed directly by the WCB, and they are shared in advance to support employers in completing T4 information for their employees. The amount provided on the report should be added to Box 77 on the T4. If you have questions about how to use the information for tax purposes, please contact the CRA or speak with your tax advisor.
Full salary reports are available securely through MyAccount under “letters.” Copies will also be mailed.
Not on MyAccount? Now is a great time to join.
MyAccount is WCB Nova Scotia's essential online business tool for employers. It gives you 24/7 access to your account and claim information, and you can send and receive messages and documents securely. To register as a new MyAccount user, you will need your business number and a temporary account registration code. To reset or obtain a new registration code, call 1-800-870-3331.