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  • T4PS - Statement of employees profit sharing plan allocations and payments


Reporting requirements

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:

  • amounts allocated, either contingently or absolutely, during the calendar year to members;
  • amounts forfeited, that is, amounts previously contingently allocated to the account of members who, during the calendar year, ceased to be entitled to such amounts; and
  • amounts paid to members during the calendar year, if part or all of such amounts are required by subsection 144(7) to be included in computing the income of the members.

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.

Useful links:

www.cra-arc.gc.ca/E/pub/tp/ic77-1r5/README.html