What is a T4 slip?
If you are a salaried employee, the T4 – Statement of Remuneration Paid tax slip is a summary of your employment earnings and deductions for the year. This slip is issued by your employer and the most common slip reported on the annual tax return. On this slip, you will find general information such as:
- the tax year
- your employer’s name
- your name and address
- your Social Insurance Number in Box 12
What do the boxes on the T4 slip mean?
There will also be figures you will need for completing your tax return reported in “boxes” of the T4 slip. Each box corresponds to a certain “line” on the T1 General Tax Return. The most common box numbers and the corresponding line numbers are as follows:
- Box 14: Employment Income – Line 10100
- Box 16: Employee’s CPP contributions – Line 30800 and Line 22215
- Box 17: Employee’s QPP contributions – Line 30800 and Line 22215
- Box 18: Employee’s EI contributions – Line 31200
- Box 20: RPP contributions – Line 20700
- Box 22: Income tax deducted – Line 43700
- Box 24: EI insurable earnings
- Box 26: CPP/QPP pensionable earnings
- Box 44: Union Dues – Line 21200
- Box 46: Charitable donations – Line 34900
- Box 52: Pension adjustment – Line 20600
- Box 55: Employee’s PPIP premiums.
- 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
- Box 56: PPIP insurable earnings
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.
The “Other Information” area at the bottom of the T4 slip has boxes with codes and amounts that relate to employment commissions, taxable allowances and benefits, deductible amounts, fishers’ income, and other entries if they apply.
Many of these boxes are already included in Box 14 and are for information purposes only, but still need to be entered on your tax return. Others are relevant to certain credits and deduction you may be eligible for. Some common boxes in this section include:
- Box 42: Employment commissions – Line 10120
- Box 66: Eligible retiring allowances – Line 13000
- Box 67: Non-eligible retiring allowances – Line 13000
- Box 71: Indian (exempt income) – Employment
- Box 77: Workers’ Compensation Benefits (WCB) repaid to the employer – Line 22900
- Box 85: Employee-paid premiums for Private Health Services Plans (PHSPs) – Line 33099
When do employers send out the T4 tax slips?
They have to send them out by the end of February, every year. If you change jobs, make sure your former employer has a current address so they can send you a T4 slip. If you do not receive your T4 slip or have misplaced it, see this link: Tax Tip: Where Can I Get a Copy of My T4 Slip?
CRA My Account holders may also access their T4 slips via their online account as soon as they are filed to CRA by the employer, and usually, these should be available in mid-March.
What Edition of TurboTax Is Right for Me?
Answer a few simple questions on our product recommender and we can help guide you to the right edition that will reflect your individual circumstances.
You can always start your return in TurboTax Free, and if you feel the need for additional assistance, you can upgrade to any of our paid editions or get live help from an expert with our Assist & Review or Full Service*. But don’t worry, while using the online version of the software when you choose to upgrade, your information is instantly carried over so you can pick up right where you left off.
*TurboTax Live™ Full Service is not available in Quebec.