- T4PS - Summary
Complete this form using the instructions on the attached sheet.
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.
The employer's name and payroll program account number have to be the same as shown on your PD7A remittance form.
To get our forms and publications, go to www.cra.gc.ca/forms or call 1-800-959-5525.
Send this T4PS Summary and the related T4PS slips to:
875 Heron Road
Ottawa ON K1A 1A2
Make a payment
If you have a balance owing, you can make your payment in many different ways.
You can pay:
- online or by telephone using your financial institutions banking services;
- online by using the CRAs My Payment service at www.cra.gc.ca/mypayment;
- by setting up a pre-authorized debit agreement using the My Business Account service at www.cra.gc.ca/mybusinessaccount; or
- in person at your financial institution in Canada. To do so, you have to have a remittance form.
For information on how to make your payment, go to www.cra.gc.ca/payments. If you remit your payment late, any balance due may be subject to penalties and interest at the prescribed rate.
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 II of the Income Tax Regulations requires you to complete a T4PS information return, consisting of the summary and the related slips, 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 must be included in the employees' 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.
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 T4PS summary and a copy of the related slips. 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 applies to 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.
Employer's name – Enter the employer's operating or trade name in the space provided on each slip. This should be the same information that appears on the PD7A statement of account. If you would like to, you may also add the business address in this space.
Box 54, Employer's account number – Enter the 15-character account number that is used to send us the employees' deductions. This number appears at the top of your PD7A statement of account. The employer's payroll program number should not appear on the two copies of the T4PS slip given to the employees.
Employee's name and address – Enter the employee's last name in capital letters, followed by the first name and initials. 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 18% 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 11.0169% 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 38% 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 15.0198% 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, other foreign non-business income, and employee profit sharing plan payments that must be included in income according to subsection 144(7) of the Income Tax Act. Enter any taxable amount the trust paid during the year to the employee but 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.
Box 40, Specified employee – Tick the "Yes" box if the employee is a specified employee. Otherwise, tick the "No" box. Specified employees are employees dealing with their employer in a non-arm's length relationship, or who have a significant equity interest (10% or more of any class of shares) in their employer.
Box 41, Employees profit sharing plan contributions – Enter the total amount of employer contributions made to the employees profit sharing plan and allocated to the specified employee for actual contributions made after March 28, 2012, unless the contributions are made in relation to a written agreement or arrangement signed before March 29, 2012, where the contributions were made in 2012 but after March 28, 2012. If you are unsure if the employee is a specified employee, leave box 40 blank but enter the amount in box 41, as applicable.
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:
-
Ottawa Technology Centre
875 Heron Road
Ottawa ON K1A 1A2