The CRA requires addy to ask for every members SIN. We do so on an annual basis to ensure compliance with the requirement.
Overview
We request your Social Insurance Number (SIN) annually if you have not previously provided it. This is a requirement under Canada Revenue Agency (CRA) regulations to ensure accurate tax reporting. If you earn investment income, your SIN must be included on the tax slips we issue (T5 or T5013) for proper filing with the CRA.
Why Is a SIN Required?
The CRA requires us to collect and report SINs for individuals receiving certain types of income to ensure tax compliance. Specifically:
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T5 Slips: Issued for investment income (e.g., interest, dividends) – SINs are required for individuals.
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T5013 Slips: Issued for partnership income – SINs are required for individual partners.
Without your SIN, the CRA may be unable to match the income reported on your tax return, potentially causing issues with your tax filing.
What Happens If You Do Not Provide Your SIN?
If you do not provide your SIN, the CRA requires us to demonstrate that we have made a reasonable effort to obtain it. This includes sending annual requests before filing tax slips. If we fail to make this effort, we may be subject to penalties.