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• QB FOR MAC ISSUED REFUND INCORRECT BALANCE OWING PROFESSIONAL

If your T4 contains incorrect information about how much you earned, or how much was deducted at source, it’s important that you get an amended (replacement) T4 slip issued by your employer. If your T4 doesn’t match your pay stubs, there’s likely a problem. When your employer sends you a T4 slip, it sends the same information to the government, too.

QB FOR MAC ISSUED REFUND INCORRECT BALANCE OWING PROFESSIONAL

That’s why you would pay income tax on an amount your employer pays on your behalf for professional membership dues, for use of a company car or for certain types of insurance.

The T4 may also include the cash value of certain taxable benefits the employee receives during the year in kind, but which are still taxable. “When a tax problem occurs, it’s generally best for the employee and employer to work together to resolve it, to avoid disputes and possible litigation,” Abbey adds.Ī T4 slip, Statement of Remuneration Paid, is a document that summarizes all of the money paid by an employer to an employee during a calendar year, including amounts deducted at source – which means paid directly to the government – for income tax and benefits. “It’s the employer’s responsibility to deduct taxes and benefits from their employees’ pay and issue a T4 slip for each year of employment, even though it’s the employee who actually pays the taxes,” explains Seth Abbey, a business lawyer at the firm of Spiegel Sohmer Inc. The employer has tax responsibilities as well.You also should file to claim any deductions or credits that reduce your tax liability. As an employee, you must file an annual tax return and pay any income tax due, (which is especially important if you earn income from sources other than your main employment during the year).When it comes to income tax filing, both the employee and the employer have certain responsibilities.

If you think the information on your T4 – Statement of Remuneration Paid is incorrect, you’ll need to contact your employer or the issuer of the slip, and quite possibly have an amended slip issued.