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The start of the new year marks the start of the preparations for the tax season. And as business owners and employers, it is important to at least know the basics of what types of income should be included in the T4 slips and when to file them. Types of income you should report on T4 slips: - Salary, wages, tips or gratuities, bonuses, vacation pay, employment commissions, gross and insurable earnings of self-employed fishers and all other remuneration you paid to employees during the year;- Taxable benefits or allowances;- Retiring allowances;- Deduction you withheld during the year; and- Pension adjustment...
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Your tax slips are prepared by your employers, payer or administrator.  Most tax slips and receipts will be sent out to you by the end of February.  However, T3 and T5013 slips do not have to be sent out before the end of March.  There are several types of tax slips that you might want to be aware of. 1.     T4 slips include the following:  T4 Statement of Remuneration Paid, T4A Statement of Pension, Retirement, Annuity and Other Income, T4A (OAS) Statement of Old Age Security, T4A (P) Statement of Canada Pension Plan Benefits, T4E Statement of Employment Insurance and Other...
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