Let’s Get Back to the Basics: What is a T4 slip?

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For any salaried employee, a T4- Statement of Remuneration Paid tax slip is issued by your employer in order for you to file for your annual tax return. This tax slip provides a summary of your employment earnings and deductions for the respective year. In addition, the T4 slip will also provide general information such as:

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●      Your name and address

●      Your employer’s name

●      The tax year

●      Your Social Insurance Number in Box 12

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What does each box mean on the T4 Slip?

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On your T4 slip, there are “boxes” where you input important figures that are required for your tax return. On the T1 General Tax Return, there is a “line” number that corresponds to each box where you can input accordingly. Listed below are the most common box numbers and their corresponding line numbers:

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●      Box 14: Employment Income Line 10100

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●      Box 16: Employee’s CPP contributions Line 30800 and Line 22215

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●      Box 17: Employee’s QPP contributions Line 30800 and Line 22215

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●      Box 18: Employee’s EI contributions Line 31200

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●      Box 20: RPP contributions Line 20700

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●      Box 22: Income tax deducted Line 43700

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●      Box 24: EI insurable earnings

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●      Box 26: CPP/QPP pensionable earnings

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●      Box 44: Union Dues Line 21200

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●      Box 46: Charitable donations Line 34900

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●      Box 52: Pension adjustment Line 20600

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●      Box 55: Employee’s PPIP premiums.

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○      If you were a resident of Quebec on December 31 of the tax year Line 31205

○      If you were a resident of a province or territory other than Quebec on December 31 of the tax year Line 31200

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●      Box 56: PPIP insurable earnings

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When do employers send out the T4 tax slips?

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Employers must submit the T4 slips every year by the end of February. Please note that you need to give your current address to your former employer if you change jobs in order to receive a T4 slip. In the event that you haven’t received or misplaced your T4 slip, please make sure you contact your employer or log into your CRA Account- if you’re registered. Registered users may have access to their T4 slips as soon as their employer has filed necessary information to the CRA (accessibility should be available mid-March).

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CERB related information:

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CERB (2020 Employment income from March 15th to September 26th) – Boxes 57 to 60

●      Box 57 – Employment income from March 15th to May 9th

●      Box 58 – Employment income from May 10th to July 4th

●      Box 59 – Employment income from July 5th to August 20th

●      Box 60 – Employment income from Aug 30th to September 26th

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CERB Repayment

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At the bottom of your T4 slip, you will find another area labeled as “Other Information.” This section contains boxes, along with codes and amounts that reference your employment commissions, deductible amounts, taxable allowances and benefits, fishers’ incomes and other entries that may apply to you.

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Although this is for informational purposes only, it still needs to be completed and entered on your tax return. Some of these boxes are included on Box 14, but there are credits and deductions that you may be qualified for including:

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●      Box 42: Employment commissions Line 10120

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●      Box 66: Eligible retiring allowances Line 13000

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●      Box 67: Non-eligible retiring allowances Line 13000

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●      Box 71: Indian (exempt income) – Employment

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●      Box 77: Workers’ Compensation Benefits (WCB) repaid to the employer Line 22900

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●      Box 85: Employee-paid premiums for Private Health Services Plans (PHSPs) Line 33099

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