What is a T4 statement and why do I need it?
A T4 slip, also known as Statement of Remuneration Paid, is an annual record of your taxable income, benefits, deductions, Canada Pension Plan (CPP), Employment Insurance (EI) contributions. This document is needed when completing your personal income tax return for the specific calendar year. The employment income may comprise of salary, bonus(s), vacation pay, honorarium(s), commission(s), taxable allowance(s), the value of taxable benefits, and termination pay. When filing your income tax return, you must make sure that you have collected all of your T4 slips and report the amount stated on them.
Pension income and other types of incomes (for example bursaries or grants) are reported on a T4A also known as Statement of Pension, Retirement, Annuity and Other income tax form.