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.

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.

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 .

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.

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.

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.

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.

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:

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 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.