What is Box 34 on a T4?

Box 34 – Personal use of employer’s automobile or motor vehicle. Do not report this amount on your tax return. This amount is already included in box 14.

What do the box numbers on a T4 mean?

The “Other information” area at the bottom of the T4 slip has boxes for you to enter codes and amounts that relate to employment commissions, taxable allowances and benefits, deductible amounts, fishers’ income, and other entries if they apply. The boxes are not pre-numbered.

What are boxes 57 58 59 and 60 on T4?

Code 57 – Employment Income – March 15 to May 9, 2020. Code 58 – Employment Income – May 10 to July 4, 2020. Code 59 – Employment Income – July 5 to August 29, 2020. Code 60 – Employment Income – August 30 to September 26, 2020.

What box are tips on T4?

box 14
The Canada Revenue Agency (CRA) considers controlled gratuities as paid to the employee by the employer. These earnings are reported in box 14 of the employee’s T4 slip.

How do you read a T4 slip?

How to read your T4 slip

  1. Box 14 contains the total income you earned from a specific employer during the tax year.
  2. Box 24 is dedicated to your insurable earnings, also known as Employment Insurance (EI).
  3. Box 44 is dedicated to any union dues you had to pay.
  4. Box 16 is for your pension or superannuation.

What is Box 32 on T4?

The travel benefit found on box 32 of your T4 slip. The total of your travel expenses. The lowest return airfare available at the time of the trip between the airport closest to your Northern residence and the nearest city.

Which box on T4 is net income?

A basic calculation for Net Income from a T4 is to subtract from Box 14 any amounts included in Boxes 20 and Box 44.

What is Box case 40 on T4?

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.

What is Box 57 and 59 on T4?

Code 57: Employment Income (March 15 to May 9) Code 58: Employment Income (May 10 to July 4) Code 59: Employment Income (July 5 to August 29)

How do you account for tips?

The journal entry to recognize tips is to credit a revenue account and debit cash. This entry is usually done every day or week for the cumulative tip amount and not one by one. An account receivable is not normally set up for tips because most businesses know about tip amounts after they are received.

Where do tips go on tax return?

How to report your tips. Enter the total amount of tips you received during the year on line 10400 of your income tax and benefit return. If you are an employee, tip income might already be included on your T4 slip.

What is Box 40 on a T4?

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.