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Payroll isn’t only a hassle for business owners — sometimes, employees are left with big question marks trying to navigate their taxes. If they come to you with questions at year-end or in their first pay period, you’ll be prepared with these FAQs:
You might have multiple T4 slips for any of these reasons:
If you have multiple T4 slips, make sure all the earnings add up to what you made.
Box 40 of your T4 shows your taxable benefits for the tax year, like group insurance, company accommodation, and RRSP contributions.
Box 14 shows your employment income for the tax year. It includes all your gross wages before taxes, so the amount might seem high. Here’s what box 14 includes:
If Box 14 seems too low, you may have multiple T4 slips adding up to your full year’s income.
Yes. You can submit online tax slips through the agency’s “Submit documents” service.
If your tax slip amounts are inaccurate, you’ll have to request a change to your return from the CRA.
Box 14 is your employment income, box 24 is your CPP pensionable earnings, and box 26 is your EI insurable earnings.
In 2023 the maximum insurable earnings (MIE) for CPP was $66,600, and for EI, $61,500. For 2024, the MIE for CPP is $68,500 and EI is $63,200. If you made more income than those amounts, box 14 would be higher.
A T4 is your Statement of Remuneration for regular income. A T4A is your Statement of Pension, Retirement, Annuity, and Other Income.
Send a request for a new tax slip to your employer. Most will have them saved on a software or internal records system.
Not anymore. Now that you can file your taxes electronically, you’ll always have access to your slips through your payroll software or employer. However, some people prefer keeping paper records. It’s entirely up to you.
This isn’t automatically a red flag. Only boxes that pertain to your income scenario will be filled. Contrarily, if you feel a box is missing, contact your employer.
Contact your employer’s accounting or payroll team if you have any questions.
You can contact the CRA for support in filing your tax return.
Yes, you can put up to $7,000 in your TFSA in 2024.
CPP and EI start over every January, so you may have maxed out your contributions in 2023. Here are the CPP and EI contribution maximums for 2024:
Remember, PTO and sick time start over each year with new balances. Vacation is transferred to your previous year’s bank.
Canada’s federal minimum wage for federally regulated businesses in 2024 is $16.65. Here is a list of minimum wage by province. The government will automatically revise it on April 1, 2024 to reflect inflation, based on the average annual increase of the Consumer Price Index (CPI), as reported by Statistics Canada. This federal minimum wage applies to workers and interns in federally regulated private sectors, including banks, postal and courier services, and interprovincial air, rail, road, and marine transportation.
The RRSP maximum contribution for 2024 is $31,560.
New TD1s are necessary to demonstrate any significant life changes that may affect your taxes. Some examples include recent college enrollment or having a child.
Make sure you leave the “Additional Tax to be deducted” TD1 box blank to avoid paying it.