For the year ending December 31, Pour l'anne se terminant le 31 dcembre20Protected B when completed Protg B une fois rempliT4 Summary Sommaire0505Summary of Remuneration Paid Sommaire de la rmunration
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[Music] how to prepare a t4 slip hi my name is Alan Madden for Madden Chartered Accountant today I will explain step by step how to prepare a t4 slip if you are an employer or own your own corporation then this video is meant for you what is a t4 slip a t4 slip report salary and wages paid by a Canadian corporation to its employees in order to prepare a t4 slip you must follow these twelve easy steps step 1 fill in the corporations that is the employers information enter the employers name in the top left box and enter the employers payroll account number in box 54 step 2 fill in the employees information write the employees name and address put the employees social insurance number in box 12 step 3 enter the province of employment if the employee is working in Ontario then the province of employment is Ontario step 4 [Music] write the year in which the salary was received for example 2016 step 5 determine if the employee is exempt from paying EEI known as employment insurance premiums generally speaking shareholders and family members of shareholders that owned more than 40% of the company's voting stock are AI exempt everyone else has to contribute to the EEI program in this example let's assume that the employee must contribute to the EEI program so box 28 is not checked step 6 determine if the employee is exempt from contributing to the Canada Pension Plan most Canadians must contribute to the Canada Pension Plan and so this example box 28 is not checked step 7 enter the amount of gross salary or wages paid to the employee in the 2016 calendar year in box 14 in this example let's assume the employee earned $35,000 in the 2016 calendar year step 8 enter the amount of CPP contribution deducted from the employees paychecks during the 2016 calendar year according to the CPP chart the CPP contribution rate is four point nine five percent of the employees salary in excess of $3,500 in our sample the employee earned $35,000 in the 2016 year so their CPP contributions for the 2016 year are one thousand five hundred and $59 which is entered in box 16 this is calculated as follows 35 thousand left exemption amount of 3500 multiplied by four point nine five percent deaf nine enter the total amount of employment insurance premiums deducted from the employees paychecks during the 2016 calendar year in box 18 according to the EHR the e I contribution rate is one point six three percent of the employees salary in wages in our example the employee earned thirty five thousand and so they're AI premiums are five hundred seventy dollars and fifty cents which is one point six three percent times thirty five thousand depth ten [Music] enter the total amount of income tax deducted from the employees paychecks during the 2016 calendar year in box twenty-two I recommend using the CRA s online payroll calculator to calculate the CPP I in income tax to be deducted from each paycheck issued to an employee in this example assume that a total of four thousand seven...