Your T4 – Statement of Remuneration Paid reports employment income and deductions, but beyond the common boxes like Box 14 (employment income) and Box 22 (income tax deducted), there are additional boxes that may appear on your slip.
Here’s a breakdown of other boxes on a T4 and what they mean:
Taxable Benefits and Allowances
Box 34 – Personal use of employer’s vehicle (taxable benefit)
Box 40 – Other taxable benefits, including:
Employer-paid health insurance premiums
Gifts and awards
Life insurance benefits
Box 42 – Commissions (if part of your compensation)
Box 85 – Employer-paid medical premiums (not deductible but reported)
Special Income and Tax Reporting
Box 36 – Employee home relocation loan (taxable benefit for low-interest loans)
Box 38 – Security options benefits (taxable stock options)
Box 39 – Security options deduction (potential tax deduction for stock options)
Box 41 – Deferred profit-sharing plan (DPSP) contributions
Box 46 – Charitable donations deducted from payroll
Box 52 – Pension adjustment (affects RRSP contribution room)
Additional Boxes for Quebec Employees
For employees working in Quebec, additional provincial boxes may appear, including:
Box Q – Quebec taxable benefits
Box R – Quebec income tax deducted
Why This Matters
✅ Helps you accurately report income and deductions on your tax return
✅ Ensures you don’t miss any tax credits or deductions
✅ Prevents CRA reassessments due to incorrect reporting
Need help entering your T4? CloudTax makes it easy—simply follow the prompts, and we’ll handle the calculations for you!