Many taxpayers are under the mistaken impression that they do not need to report their Red River Co-op patronage allocation. If you get a cheque for more than $100, you will also receive a T4A slip. The "income", or cheque you receive is TAX FREE, but RRC may also have sent some of your money directly to Revenue Canada for 'taxes'...

So... Include this slip when you file your taxes and indicate the income as TAX FREE and claim your taxes back.

By the way, if you do not claim it...

o We've seen several instances where Revenue Canada has 'found' the slip (they check all slips issued in Canada and compare them to what you claimed) and, because it wasn't claimed properly, Revenue Canada now simply adds it to your income and charges you additional tax... Perhaps thinking you were hiding income.

T4A Slips from Red River Co-op