Tax Slip FAQ for Employees

Sometimes internal communications get missed. If your employees don't receive or see your communications regarding 2020 tax slip information, we've put together a comprehensive FAQ of the most common questions we find employees will ask their Payroll team.

1. Why do I have two T4 Slips?

If you’ve received more than one T4 from us, there are a few possible reasons:

  • Your T4 includes four additional tax slip boxes to report earnings during the 2020 federal COVID-19 response. Since these will populate the Other Information section, it could be the first time you may have had more than six codes populate this section.

  • You worked at different locations or different company divisions, which required us to produce a T4 for each business number you worked in.

  • You worked or earned income in different ways. For example, you were on contract and then gained full-time employment with us.

  • You worked for the company in two or more provinces during the year.

If any of these apply, and you received the two slips together, it is important that you include them both in your tax return.

2. What is box 40 on my T4?

Box 40 includes Taxable Benefits you've received in the year as well as earnings and allowances. Examples include life insurance, company RRSP contributions, etc. Taxable Benefits are paid by the company on your behalf.

Taxable Benefits are identified as such on your pay statements. When you add up the items identified as Taxable Benefits on your pay statements you should arrive at the total in box 40. If your total is not the same as box 40, please contact your Payroll team.

For more information on how taxable benefits and allowances appear on your T4, go to the CRA’s Benefits and allowances chart.

3. Why does my income in box 14 on my T4 seem high?

Box 14 includes your gross salary and 11 taxable benefits in box 40. The amount shown in box 40 should be added to your gross year-to-date salary from your final pay statement in December. The total should equal the amount shown in box 14. If this is not the case, please contact your Payroll team. 

2020 may have included an extra pay period if you are paid bi-weekly or weekly, so the amount in box 14 may be slightly higher than you expected.

4. Why does my income in box 14 on my T4 seem low?

You may have received two or more T4s. The amount shown in box 14 in each T4 should be totalled and equal to your final December pay statement year-to-date earnings, plus the total of taxable benefits recorded in box 40 of each T4. If this is not the case, please contact your Payroll team.

For more information on how taxable benefits and allowances appear on your T4 see the Benefits and Allowances Chart.

5. What’s the difference between a T4 and T4A?

The Canada Revenue Agency requires different tax slips to report specific types of income.

  • A T4 is a tax slip issued to report employment income, taxable benefits, and retiring allowances.

  • A T4A is a tax slip for income such as a pension, lump-sum payments, and other income as defined by the CRA.

6.  How can I get a reprint of my tax slip if I lose it?

You can print as many copies of your tax slips from the Avanti Self-Service Portal, if available. Otherwise, please contact your Payroll team and request another copy.

7.  Do I need to print my online tax slips?

If you are filing your taxes electronically, printing the slip is entirely optional as you will always have access to the slips through your Avanti Self-Service Portal should you need them now or in the future. If you file electronically, you can read the values for each tax slip box online when completing your income tax return.

8. Will the Canada Revenue Agency (CRA) accept a self-printed/online tax slip?

The CRA gladly accepts self-printed tax slips from our employee self-service portal. The form generated matches all CRA specifications.

9. What if there is incorrect information on my tax slip?

If your Social Insurance Number or the financial information is incorrect, please contact your Payroll team, as they may have to reissue a new tax slip. If your address is incorrect, simply enter the correct information on your tax return.

10.  How do I change my tax claim amounts or have additional taxes deducted from my 2021 pay?

You will need to complete a new Provincial and Federal TD1 for 2021, indicating the additional amount you’d like deducted. You can access the new TD1s through the CRA website. Once completed, please submit your TD1 forms to your Payroll team.

11. Why are many of my tax slip boxes empty?

Only the tax boxes relevant to you will be completed. But if you feel there’s a box that’s missing a value, please contact your Payroll team.

12. Why is my income in box 14 greater than the CPP pensionable and EI insurable earnings? (i.e. amount in box more than box 24 and 26)

Box 24 for EI insurable earnings has a maximum of $54,200, and box 26 for CPP/QPP pensionable earnings has a maximum of $58,700. If your income is higher than those amounts, box 14 will be larger than boxes 24 and 26.

Additionally, while most earnings and taxable benefits are EI Insurable, the ones that aren’t will not be added to box 24.

13. Who should I contact if I have a question?

If you have additional questions or concerns, please contact your Payroll team. To facilitate a response to your query, please have your tax slips, as well as your final December 2020 pay stub available.

14.  I need help filing my tax return.

The Canada Revenue Agency, a professional tax filing service or accountant can help you if you're having a tough time filing your income tax return.

If you are a student, senior, person with a disability, a newcomer to Canada, or a low-income earner with a simple tax-filing situation, contact Community Volunteer Income Tax Program (CVITP) at 1-800-959-8281 to ask for help. CVITP volunteers work with members of local community organizations who can help you complete and file your return. 

W
Will is the author of this solution article.

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