T4PS – Statement of employees profit sharing plan allocations and payments
Every trustee of a trust governed by an EPSP, or the employer instead of such trustee, is required to report on the T4PS Summary and Supplementary forms:
The T4PS Summary and Supplementary forms must be filed with the appropriate Revenue Canada taxation services office by the last day of February following the end of the calendar year in which the amounts were allocated, forfeited or paid out.
Allocations, forfeitures and payments, to the extent they are required to be included in income of the members or beneficiaries, must be reported on the T4PS Summary and Supplementary forms. The manner in which such amounts are to be reported on these forms is explained on the T4PS Summary form.
How to complete this slip
Complete this form using the instructions on the T4PS Summary, Employees Profit Sharing Plan Allocations and Payments.
To file your T4PS slips:
Use one sheet for three different recipients for the copy you are sending to the CRA. Do not separate the slips when you send them with your T4PS Summary.
Use a separate sheet for the two copies you are giving to the recipient and the copy you are keeping in your records.