1.3 Key reporting requirements and deadlines

Commentary

1.3.3 Annual T4/RL1 slips

Canada
Canada | Commentary

1.3.3 Annual T4/RL1 slips

Canada | Commentary

1.3.3     Annual T4/RL1 slips

The RL1 slip is the Québec equivalent of the T4 slip. Employers are required to fill out a T4 slip (statement of remuneration paid) to report payments to employees during the year, including the following:

  1.  

    •     all taxable remuneration

  2.  

    •     taxable benefits or allowances

  3.  

    •     retiring allowances

  4.  

    •     deductions withheld during the year

  5.  

    •     pension adjustment (PA) amounts for employees who accrued a benefit for the year under a registered pension plan (RPP) or deferred profit sharing plan (DPSP)

All amounts for the T4 must be reported in Canadian Dollars. Foreign currency should be converted using the average exchange rates published by the Bank of Canada and linked to the CRA.

T4 slips are required from employers for all employees who received remuneration during the year if:

  1.  

    •     the remuneration was more than CAN 500 and

  2.  

    •     deductions

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