T5004: Claim for Tax Shelter Loss or Deduction

You’ll need to complete the T5004: Claim for tax shelter loss or deduction form 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 need information from the following slips to complete your T5004 form:

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 identify, 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.

Note: A valid tax shelter identification number consists of 2 alphabetic characters (TS) followed by 6 numeric characters. Example: TS123456

As a Québec resident, if you have any deductions or claims for a tax shelter this year, you’ll need to also complete the TP-1079.6-V form. You’ll need the information from your RL-14 or T5003 slip to complete the TP-1079.6-V page in H&R Block’s tax software.

To find the loss, deduction, or credit for your tax shelter, you’ll need to complete your 2024 tax return first (except for the T5004 page). Then, download your PDF tax return summary on the Tax summary page under SUMMARY on the Wrap-Up tab. Enter the loss, deduction, or credit amount from the following lines of your tax return that are from your tax shelter, on the T5004 page in the tax software:

  • Line 349, if your claim is for a Gift
  • Line 409, if your claim is for a Political contribution (money contribution)
  • Line 122 if you’re a limited partner of a partnership that invested in a tax shelter
  • Other loss or deduction:
    • Line 126, Rental income
    • Line 135, Business income
    • Line 141, Farming income
    • Line 143, Fishing income
    • Line 217, Business investment loss
    • Line 221, Carrying charges and interest expenses
    • Line 224, Exploration and development expenses
    • Line 232, Other deductions

Follow these steps in H&R Block’s 2024 tax software:

  1. On the left navigation menu, under the Credits & deductions tab, click Tax Topics.

  2. Select the Investment income & expenses checkbox.

  3. At the bottom of the page, click Add selected topics to my return.

  1. Under the INVESTMENTS IN TAX SHELTERS heading, select the checkbox labelled Claim for tax shelter loss or deduction (T5004), then click Continue.

  2. When you arrive at the Claim for tax shelter loss or deduction page, enter your information into the tax software.