The T4A, also known as the Statement of Pension, Retirement, Annuity, and Other Income, is a tax slip issued by the Canada Revenue Agency (CRA) to report various types of income, such as pension, retirement, annuity, and other income. This slip is used to provide information to individuals about their income from various sources, which is then used to calculate their tax liability.
What is Included in a T4A Slip?
A T4A slip typically includes the following information: the payer’s name and address, the recipient’s name and address, the amount of income paid, and the type of income paid. The types of income that are reported on a T4A slip include pension income, retirement income, annuity income, and other income, such as scholarships, bursaries, and research grants.
Types of Income Reported on a T4A Slip
There are several types of income that are reported on a T4A slip, including:
- Pension income: This includes income from a pension plan, such as a registered pension plan (RPP) or a registered retirement savings plan (RRSP).
- Retirement income: This includes income from a retirement plan, such as a registered retirement income fund (RRIF) or a life income fund (LIF).
- Annuity income: This includes income from an annuity contract, such as a fixed annuity or a variable annuity.
- Other income: This includes income from scholarships, bursaries, and research grants, as well as other types of income, such as income from a trust or an estate.
The following table provides more information about the types of income reported on a T4A slip:
| Type of Income | Description |
|---|---|
| Pension income | Income from a pension plan, such as an RPP or RRSP |
| Retirement income | Income from a retirement plan, such as a RRIF or LIF |
| Annuity income | Income from an annuity contract, such as a fixed annuity or variable annuity |
| Other income | Income from scholarships, bursaries, and research grants, as well as other types of income |
How to Use a T4A Slip for Tax Purposes
When you receive a T4A slip, you should review it carefully to ensure that the information is accurate and complete. You will then use the information on the slip to report your income on your tax return. The CRA uses the information on the T4A slip to calculate your tax liability, so it's crucial to ensure that the information is accurate.
Reporting T4A Income on Your Tax Return
To report T4A income on your tax return, you will need to complete the following steps:
- Enter the amount of income reported on the T4A slip on line 115 of your tax return.
- Claim any deductions or credits that you are eligible for, such as the pension income credit.
- Calculate your tax liability based on your total income, including the income reported on the T4A slip.
The following example illustrates how to report T4A income on your tax return:
Let's say you received a T4A slip showing pension income of $20,000. You would enter this amount on line 115 of your tax return. If you are eligible for the pension income credit, you would claim this credit on line 314 of your tax return. You would then calculate your tax liability based on your total income, including the pension income reported on the T4A slip.
What is the deadline for receiving a T4A slip?
+The deadline for receiving a T4A slip is February 28th of each year. If you have not received your T4A slip by this date, you should contact the payer to request a copy.
How do I report T4A income on my tax return if I have multiple T4A slips?
+If you have multiple T4A slips, you should report the total amount of income from all slips on line 115 of your tax return. You should also claim any deductions or credits that you are eligible for, such as the pension income credit.
