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Blog: Friday, February 2nd, 2018

Tax Season is Upon Us

Tax season is almost here and the Payroll Department is busy preparing T4s for our employees. All current employees will receive their T4 via email by February 28. As well, T4s for 2017 and any prior years are available on the AMS portal site. Select the menu option “My Info”, then “Employee Info” and then “T4 Statements”.

Specific questions about individual T4s should be forwarded to the Payroll Department. The three most common questions are:

  1. Why does Box 14 not equal my salary?
    Box 14 includes salary and taxable benefits. Taxable benefits typically include the employer’s contributions to MSP, life insurance and the employment insurance rebate. This is added to the employee’s total earnings for the year to make the value in Box 14.
  2. Why do I have two T4s?
    Pay for Teachers, Support Staff, Admin, Casuals and TToCs are all processed separately as different earnings require different deductions and remittances to Revenue Canada. Separate T4s are required for each Revenue Canada account.
  3. What is the amount in Box 52?
    This is the employee’s Pension Adjustment. It is calculated through Pensions BC for Teachers, TToCs and Admin payroll. For Support Staff it is the employer’s payment to their pension.  Revenue Canada uses the Pension Adjustment to determine how much room an individual has to contribute to their RRSPs for the following year.

For Teachers this year, box 85 includes the employee’s portion of Extended Health Care and Dental premiums. 

An example of a T4 and a description of all the boxes on a T4 is available on the CRA website.  

LINDA PETERS
Director of Finance