T4PS - Summary

Complete this form following the instructions on the attached sheet.

If your T4PS information return has more than 300 slips, complete a T4PS Segment.

Keep a copy of this form for your records.

You have to file the T4PS information return on or before the last day of February in the year that follows the calendar year during which the payments were paid or allocated.

Send a copy of this form and a copy of the related T4PS slips to:

Canada Revenue Agency
Ottawa Technology Centre
875 Heron Road
Ottawa ON  K1A 1A2

Instructions for completing the T4PS slip and summary

If you are an employer or the trustee of a trust governed by an employees profit sharing plan, Part ll of the Income Tax Regulations requires you to complete an information return for:

• amounts you allocated, either contingently or absolutely, in the calendar year for which you are filing this return, to employees who are beneficiaries under the plan;
• amounts you paid in the year to employees, all or part of which you have to include in their income under subsection 144(7) of the Income Tax Act (the Act); or
• amounts you contingently allocated in the year or previous years to persons as defined in subsection 248(1) of the Act, who have not received such amounts and have forfeited their right to receive the amounts on ceasing to be beneficiaries under the plan.

The T4PS return consists of the summary and the related slips. If your T4PS return has more than 300 slips, divide them into bundles of about 300 slips and file each bundle with a T4PS Segment.

Send your return to the Ottawa Technology Centre on or before the last day of February following the calendar year for which you file this return. Include one copy of the summary, a copy of the related slips, and the segment if it applies. Send two copies of the slips to the employees on or before the same date. You must keep records of the information contained in this return.

We may charge penalties if you do not file this return by the due date.

Section 144 of the Act describes employees profit sharing plans. For more information, see interpretation bulletins IT-280, Employees Profit Sharing Plans – Payments Computed by Reference to Profits, and IT-379, Employees Profit Sharing Plans – Allocations to Beneficiaries.

T4PS slip, Statement of Employees Profit Sharing Plan Allocations and Payments

Report all amounts in Canadian dollars and cents.

Year – Enter the year the amounts were paid or allocated.

Employee's name and address – Enter the employee's last name in capital letters, followed by the first name. Directly below the name, enter the employee's full address, including the province and postal code.

Name of employees profit sharing plan – Enter the name of the plan.

Boxes 24, 25, and 26 – Dividends from taxable Canadian corporations other than eligible dividends

Box 24, Actual amount of dividends other than eligible dividends – Enter the actual amount of dividends other than eligible dividends, or the amount we deem to be dividends other than eligible dividends, paid by a taxable Canadian corporation.

Box 25, Taxable amount of dividends other than eligible dividends – Enter 25% more than the amount you reported in box 24.

Box 26, Dividend tax credit for dividends other than eligible dividends – The amount you enter in this box is 13.3333% of the taxable amount you entered in box 25.

Boxes 30, 31, and 32 – Eligible dividends from taxable Canadian corporations

Box 30, Actual amount of eligible dividends – Enter the actual amount of eligible dividends that are paid by taxable Canadian corporations.

Box 31, Taxable amount of eligible dividends – Enter 41% more than the amount you reported in box 30.

Box 32, Dividend tax credit for eligible dividends – The amount you enter in this box is 16.4354% of the taxable amount entered in box 31.

Box 34, Capital gains or losses – Enter the net amount of all the trust's net capital gains or losses allocated to the employee. If the net amount represents capital losses, put it in brackets.

Box 35, Other employment income – Enter all other amounts the trust received and allocated to the employee during the year that you did not report in any other box, including amounts received from the employer, amounts reallocated from other employees, foreign dividends, and other foreign non-business income. Enter any taxable amount the trust paid during the year to the employee that you have not already reported.

Box 36, Total amount forfeited due to withdrawal from plan – Enter the total of the amounts previously allocated that the person is no longer entitled to receive.

Box 37, Foreign non-business income – Enter the gross amount, before you deduct income tax, of foreign non-business income included in box 35.

Box 38, Foreign capital gains or losses – Enter the gross amount, before you deduct income tax, of the trust's foreign capital gains or losses allocated to the employee and included in box 34. If the net amount represents capital losses, put it in brackets.

Box 39, Foreign non-business income tax – Enter the portion of the income tax the trust paid that you can attribute to foreign non-business income and foreign capital gains or losses (boxes 37 and 38) allocated to the employee.

T4PS Summary, Employees Profit Sharing Plan Allocations and Payments

Use the summary to report the total of the amounts that you reported on the related slips.

• Report all amounts in Canadian dollars and cents.
• The totals you report on the summary must agree with the amounts reported on your slips.
• Keep a copy of the summary for your records.
• Send a copy of the summary and a copy of the related slips to:
  Canada Revenue Agency
  Ottawa Technology Centre
  875 Heron Road
  Ottawa ON  K1A 1A2