Blog posts tagged in T4 Slip
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...
The T4 final deadline has passed already. So if you are an employee, you should have received your 2009 T4 Slip by now. The T4 slip shows your employment income, taxable benefits and various source deductions withheld by your employer last year.
Remember, it is your responsibility to review your T4 slips. Make sure that your total annual employment income shown on your T4 is correct and accurate so as to avoid any errors on your tax returns. It is also important to ensure that not only is the amount correct but also that the correct amount is attributed to the proper tax year....