Missing Investment Slips? Why CRA’s 2024 Tax Season Caught Canadians Off Guard
Missing Investment Slips? Why CRA’s 2024 Tax Season Caught Canadians Off Guard
Filed your taxes but something feels off? You’re not alone. Many Canadians experienced missing investment slips during the 2024 tax season due to a behind-the-scenes change at the Canada Revenue Agency (CRA). If your return was prepared and filed by our team, this update may have impacted the completeness of your tax documents—and we’re here to help you understand what happened and what to do next.
What Happened?
In early 2025, the Canada Revenue Agency (CRA) rolled out a new validation process for tax slips submitted by employers and financial institutions. This change was intended to improve data accuracy and reduce errors—but it had an unintended consequence: delays in making slips available on CRA’s online platforms.
As a result, many Canadians couldn’t access key documents like T3s and T5s for investment income through CRA’s “My Account” or autofill features in tax software. Tax professionals had to manually request documents from clients, slowing down the filing process and increasing the risk of incomplete returns.
Which Slips Were Affected?
The issue wasn’t isolated to one type of slip or institution. Reports indicated that:
Some taxpayers were missing T4s, T5s, or RRSP contribution slips.
Others saw duplicate entries or inconsistencies.
The delays appeared random, making it difficult to predict who would be affected.
This created confusion for both individuals and tax preparers, especially those relying on CRA’s autofill capabilities.
CRA’s Position
Despite the disruption, the CRA did not extend the April 30 filing deadline for everyone. Taxpayers without capital gains or losses were expected to file on time, even if they had to manually gather documents from banks, employers, or investment advisors.
CRA acknowledged the issue and stated it was working with issuers to resolve the delays. However, the lack of clear communication left many Canadians unaware that their returns might be missing critical information.
What This Means for Your Return
If your return was filed without all the necessary slips, it may be:
Incomplete, missing income that should have been reported
Inaccurate, potentially affecting your refund or triggering reassessments
At risk of penalties, if underreported income is later discovered
Fortunately, the CRA allows for post-filing adjustments. If you discover missing slips or errors, we can help you submit a correction to ensure your return is accurate and compliant.
Follow-Up: What We’re Doing Now
As part of our commitment to accuracy, we’re currently reviewing the investment slips included with our clients’ 2024 tax returns and comparing them to what the CRA now has on file. We’ll be reaching out directly to any clients whose returns may require adjustments.
We’re Here to Help
At MAM CPA, we’re committed to ensuring your tax filings are accurate and complete. If you have concerns about missing slips or need assistance with a return adjustment, please don’t hesitate to contact us. Our team is ready to support you every step of the way.