
T4 slip: Statement of Remuneration Paid – Personal income tax
Jun 25, 2024 · Box 40 - Other taxable allowances and benefits. Do not report this amount on your tax return. This amount is already included in box 14.
T4 Box 40 | 2024 TurboTax® Canada Tips
Jan 24, 2025 · What is T4 Box 40? Box 40 is a section on your T4 – Statement of Remuneration tax slip where your employer lists out your other taxable allowances and benefits besides your wages or salary. Not everyone will have a Box 40 amount on their T4 slip.
T4 slip – Information for employers - Canada.ca
Dec 31, 2024 · Report the value of the taxable benefits and allowances you provided to your employee using code 40 and box 14 unless the benefit is reported in other codes of the T4 slip. Learn more: Determine if a benefit is taxable .
Employers' Guide – Filing the T4 Slip and Summary - Canada.ca
Feb 28, 2025 · If you provided an employee with taxable allowances or benefits that you did not include elsewhere on the T4 slip, enter code 40 and the corresponding amount. Also report this amount in box 14. For more information on calculating taxable benefits, go to Determine if a benefit is taxable.
Personal Finance Articles, Guides & Videos | Wealthsimple
What is Box 40 on a T4? Box 40 is a section on your T4 slip where your employer documents any other taxable benefits besides your wages or salary. This can include travel and food allowances, company cell phones and laptops, or other benefits. Not everyone will have a filled out Box 40.
Understanding Box 40 on T4 : r/PersonalFinanceCanada - Reddit
Mar 1, 2023 · Box 40 - Other taxable allowances and benefits Do not report this amount on your tax return. This amount is already included in box 14.
The Ultimate Guide to T4 Slips - Wealthsimple
What is box 40 on the T4? Box 40 is where taxable benefits and allowances you received by your employer will be reported. These can have been paid in cash, such as a meal allowance or provided in a manner other than cash such as a parking space or a gift.
Employment Income and T4 Slips Explained: A Comprehensive …
Feb 9, 2025 · Box 40: Taxable Benefits: The value of non-cash benefits provided by your employer. 💡 Tax Tip: Compare your T4 slip with your final pay stub for accuracy. ... T4 Box: Tax Return Line Number: Description: Box 14: Line 10100 – Employment Income: Report total gross employment earnings. Box 16:
Canadian Payroll Guide | Tax Slips - Avanti
What is box 40 on my T4? Box 40 includes Taxable Benefits you’ve received in the year as well as earnings and allowances. The company pays Taxable Benefits on your behalf and may include life insurance, wellness spending accounts, flat-rate car/cell phone allowances, etc. Taxable Benefits are identified as such on your pay statements.
T4 - Statement of Remuneration Paid - help.turbotaxonline.ca
T4 slips report the wages, salary, and commission income paid to you by your employer. They also show employer-paid taxable allowances and benefits such as low-interest or interest-free loans, health care premiums, stock option benefits, and profit-sharing.