Tax Tips

21 Tax Tips #10 Tax Slip T4A Box 048 Fees For Services (includes Box 020 Self-Employed Commissions)


If you work for a large organization and you receive employee profit sharing payments (EPSP), the Tax Slip (T4PS) that you receive from your employer, which is also reported to CRA will NOT be visible to your tax preparer, unless you send it to them or they phone CRA and ask for the specific details of the T4PS on your behalf.

You must send your tax preparer the T4PS slip directly, and it will help avoid issues if you mention to them that this Tax Slip will NOT be visibly included in either AFR (Auto Fill my Return) or RAC (Represent A Client), although it is reported to CRA. 

If you are unaware of this quirk of taxes, it's much more likely that your tax returns could be filed not including the required reporting of your profit sharing income, and you would face non-reporting penalties that become more severe if you make this same error a second time.

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