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With the deadline to file your taxes for the 2022 tax year fast approaching, you may be wondering if you have everything you need to take to your tax specialist. Documents such as receipts, statements of assets and liabilities, and T4s are all examples of paperwork that you may need to file your income taxes. But are there any other slips you might need?
The COVID-19 pandemic has left millions of Canadians in dire financial predicaments, requiring assistance from the government to help cover life’s ongoing expenses. One such program that many Canadians applied for and received benefit payouts was the Canada Emergency Response Benefit (CERB), which paid out $2,000 for a 4-week period to those who qualified.
If you received CERB or other EI benefits, you will need a T4E slip to file your taxes.
Check out if your COVID-19 benefits are taxable.
The T4E is a Statement of Employment Insurance and Other Benefits slip that is issued for tax purposes. If you received Employment Insurance (EI) or EI-funded financial help while part of an employment program, or must make a repayment of EI benefits, you will receive a T4E slip that will be needed when you file your taxes.
Residents in Quebec who fall under any one of the above-mentioned categories will receive a T4E(Q) slip.
These slips will outline the gross amount of benefits paid out during the 2022 tax year, including COVID-19-related financial assistance benefits like CERB. They also show how much income is tax deducted and any amounts paid back towards any overpayments received.
Did you apply for both the EI and CERB COVID-19 benefit?
What is the difference between the T4A and T4E tax slips?
The T4E slip is specifically for any EI, CERB (received from Service Canada) or other benefits that you received during the tax year in question. The T4A, on the other hand, is more of a “catch-all” tax slip that includes various income and deductions.
Generally speaking, you’d need a T4A slip if you must pay amounts related to employment or self-employment. If you’ve received any benefit payments, you’ll need a T4E slip.
Find out the difference between a T4 and a T4A slip.
You’ll notice plenty of boxes on your T4E slip. Here’s what they mean:
If you received any CERB payments in the 2021 tax year, they will be included in Box 14 of the T4E, which will also include any other employment insurance benefits you received.
When you receive your T4E, review it carefully to ensure that all amounts are correct.
Take the following steps to report your T4E on your income tax return:
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It’s important to file your taxes on time in order to avoid any penalties and to collect any returns that may be coming to you. Make sure that you have every form you need — including your T4E if you collect EI — to ensure your tax return has been filed appropriately.
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Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
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