In essence the Canadian T4 tax slip is a Statement of Remuneration Paid to the employees in the calendar year (regardless of when it is earned) and issued by the employer by February 28 the following year to advise them and the Canada Revenue Agency (CRA) of the amount paid in remuneration to an individual employee. It further specifies the amount deducted by the employer for income tax. The form is used to prepare and file Canadian income tax returns.
Other T4 tax information slips include T4A or the Statement of Pension, Retirement, Annuity, and Other Income. The income shown on the T4A can include a number of income sources such as pension or superannuation, lump-sum payments received, commissions received for being self-employed, annuities, allowances for retiring, patronage allocations received, RESP accumulated income received, RESP educational assistance and any payments received under a wage-loss replacement scheme.
It also allow the individual to declare other income obtained from death benefits, a registered disability savings plan, grants for research, scholarships received, bursaries and fellowships paid during the year. Artist project grants and prizes should also be included when completing the T4A. The exception is pension received from Old Age Security which must be reported on the T4A(OAS) tax slip. Any income received from the Canada Pension Plan or the Quebec Pension Plan must be entered on the T4A(P) tax slip. The T4A tax slips are due on the last day of February after the calendar year involved.
Taxpayers filing a paper income tax return are required to include copies of all T4A tax slips received while taxpayers using NETFILE or EFILE must keep copies of all the T4A tax slips for a period of six years.
To avoid penalties for late returns it is advised that taxpayers file their returns by the due date even if they have not received all the required T4A tax slips. The taxpayer should calculate all income, deductions and credits as accurately as possible and include details of the source not having supplied the required tax slips. Also a summary should be included of actions taken to obtain the missing T4A slip.
The T4A(OAS) tax slip or Statement of Old Age Security is issued by the Service Canada to advise both the receiver of the income and the Canada Revenue Agency of the exact amount received in old age security income in a given tax year as well as income tax deducted. The submission date is the last day of February in the year after tax is due.
If T4A(OAS) tax slips is not received in time for submission the taxpayer is advised to call Service Canada during regular office hours. You will be required to state your Social Insurance number to assist in finding the data. Taxpayers should also submit income returns by the due date and calculate as accurately as possible the missing information. A note explaining what actions were taken to retrieve the missing tax slips is required with the tax returns submitted. Tax payers can view their T4(OAS) tax slips online after making arrangements with Service Canada.
The T4A(P) tax slips or Statement of Canada Pension Plan Benefits is issued by Service Canada and is a statement of the Canada Pension Plan benefits received during the tax year. It list income received and tax deducted as required by the taxpayer and Canada Revenue Agency (CRA). The income includes retirement benefits, survivor benefits, child benefits and any death benefits received in the tax year. The deadline is also last day of February and the rules apply for submission. For missing tax slips the taxpayer can contact Service Canada quoting their Social Insurance number during regular working hours.
T4E tax slip or Statement of Employment Insurance and Other Benefits are statements of Employment Insurance and other benefits and are issued by Service Canada stating the gross amount received for Employment insurance and the amount of tax deducted. Due day and missing form procedures are the same as other T4 tax information slips. Missing T4E tax slip can be queried at Service Canada and some questions will be asked to verify the identity of the taxpayer.
T4RIF tax slips is a statement issued by a financial institution stating income from a Registered Retirement Income Fund to advise the taxpayer and Canada Revenue Agency of the income and tax deductions made. Deadlines, missing form procedures and submission are the same as other T4 tax information slips.
The T4RSP tax slip or Statement of RRSP Income is a statement of RRSP income prepared by a financial institution stating income received and taxes paid. Missing tax slip, deadlines and filing procedures are the same as above.
Canada Revenue Agency (CRA): www.cra-arc.gc.ca/tx/bsnss/tpcs/pyrll/rtrns/menu-eng.html
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