T4PS and RL-25
Data entry
In order to complete the T4PS slip, Statement of employees profit sharing plan allocations and payments, you must enter each recipient's information using separate T4PS and RL-25 data entry forms.
Additional forms can be opened by choosing the "Add forms" icon or by going to Forms, Add form on the menu tool bar. Multiple data entry forms can be opened simultaneously by entering the requested number in "Number of copies selected for each form" in the "Add Forms" dialogue box.
A federal T4PS slip will be automatically generated for every recipient, however a RL-25 slip will only be displayed if the province of employment is Quebec. Data entered for the federal T4PS slip will be used to calculate the Quebec RL-25 amounts. These amounts can be overridden by using F3 or by right clicking on the line and entering the required amount. All overridden lines will be traceable through the diagnostic box.
On the second page of the data entry form, you can enter footnotes that will be posted on the appropriate slips.
T4PS - Description of boxes
Boxes 24, 25, 26
Dividends from taxable Canadian corporations other than eligible
dividends
The amount to report as income is shown in box 25. The dividend tax
credit is shown in box 26. For details, see lines 120 and 425 in
your tax guide.
Boxes 30, 31, 32
Eligible dividends from Canadian corporations
The amount to report as income is shown in box 31. The dividend tax
credit is shown in box 32. For details, see lines 120 and 425 in
your tax guide.
Box 34
Capital gains or losses
Enter this amount on line 174 of Schedule 3. If this amount has
brackets around it, it is a capital loss. For details, see Guide
T4037, Capital Gains.
Box 35
Other employment income
Enter this amount on line 104 of your return.
Box 36
Total amount forfeited due to withdrawal from plan
Enter this amount on line 229 of your return to reduce your total
income. This amount was added to your income in previous years.
Box 37
Foreign non-business income
This amount is included in box 35. Use it to calculate your foreign
tax credit on Form T2209, Federal Foreign Tax Credits.
Box 38
Foreign capital gains or losses
Use this amount to calculate your foreign tax credit on Form T2209,
Federal Foreign Tax Credits. Do not include it on Schedule 3
since it is already included in box 34.
Box 39
Foreign non-business income tax
Use this amount to calculate your foreign tax credit on Form T2209,
Federal Foreign Tax Credits.
Relevé 25 - Description of boxes
Box A1 – Actual amount of eligible dividends. Carry this amount to line 166 of your income tax return. The taxable amount of such dividends is shown in box F.
Box A2 – Actual amount of ordinary dividends. Carry this amount to line 167 of your income tax return. The taxable amount of such dividends is shown in box F.
Box B – Capital gains (or losses). Carry this amount to line 22 of Schedule G of your income tax return.
Box C – Capital gains (or losses) used to calculate the exemption. Carry this amount to line 56 of Schedule G of your income tax return.
Box D – Other amounts allocated or paid. Enter this amount on line 101 of your income tax return if the following note appears in the centre of the RL-25 slip: Box D Amounts allocated, in respect of which QPP contributions were made (or Case D : montants attribués ayant fait lobjet de cotisations au RRQ). Enter the amount on line 107 of your return if the following note appears in the centre of the RL-25 slip: Box D Amounts allocated or paid, in respect of which QPP contributions were not made (or Case D : montants attribués ou versés nayant pas fait lobjet de cotisations au RRQ).
Box E – Cancelled allocations. A deduction may be claimed on line 207 of your income tax return if this amount was included in the income reported for the years in which an allocation was made.
Box F – Taxable amount of eligible and ordinary dividends. Enter this amount on line 128 of your income tax return.
Box G – Dividend tax credit. Enter this amount on line 415 of your income tax return.
Box H – Foreign income tax on non-business income. This amount is used to calculate the foreign tax credit related to the amounts that are included in boxes B and D and indicated in the centre of the RL-25 slip as foreign income. Complete form TP-772-V, Foreign Tax Credit.
Box I – Québec income tax withheld. Enter this amount on line 451 of your income tax return.