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You can deduct business expenses against this income to reduce your taxes payable to the CRA.īox 22: The amount of taxes that were deducted from your pay and remitted to the CRA/government of Canada. This amount is also included in Box 14.īox 44: Union dues you paid during the year (and deducted off your pay).īox 46: Charitable donations made during the year (and deducted off your pay).īox 20:Self-Employed commission income received during the year. This is the amount of taxes that were deducted from your pay and remitted to the CRA/government of Canada.īox 24/26: EI and CPP insurable earnings.īox 40: Taxable allowances or benefits (i.e. If you were to get laid off, you are also able to claim EI.īox 22: You may want to sit down for this one. This funds Canada's population that are out of a job and on EI.
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When you retire, you start getting this back.īox 18: Employment Insurance (EI) premiums that were deducted off your pay for the year and remitted to the government of Canada. Other than the obvious information like your name, address and SIN, here are some useful facts about the T4 slip:īox 14: Your employment income for the year (the amount of money you earned during the calendar year from this specific employer).īox 16: Canada Pension Plan (CPP) premiums that were deducted off your pay for the year and remitted to the government of Canada. You will receive a separate T4 slip from every employer that you were employed with in the calendar year. The official name for this slip is the T4 Statement of Remuneration Paid. If the due date falls on a weekend, then the deadline is the next business day. The deadline to submit T4, T4A and T5 slips is the last day of February following the calendar year that the information return applies to. You can be rest assured that they will add it to your personal income tax return. This means that if you avoid inputting a T4 slip, the CRA will know because they will cross-reference your personal tax return to the slips that they have on file for you. Any slip that is provided to you is also provided to the CRA. The T4, T4A and T5 payroll slips are a representation of your employment or commission income from a certain employer (T4, T4A) or investment income (T5). Whether you prepare your taxes yourself or have an accountant prepare it for you, it is necessary to include the information from these slips into the tax software.
#CANADA REVENUE AGENCY T4S SOFTWARE#
The information from these slips are inputted into tax software to prepare your T1 personal tax return. We have chosen to discuss T4, T4A and T5 payroll slips because they are the most common ones that we see during personal tax season.
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Although many are familiar with some aspects of these information slips required to be produced by the Canada Revenue Agency (CRA), we thought it would be useful to dive a little deeper and provide more information about what these slips actually mean.
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Whether you're an employee, employer or a shareholder, chances are that you have a T4, T4A or T5 payroll slip in your possession.