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  • Mar 8th, 2012 7:07 pm
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[OP]
Jr. Member
Sep 3, 2005
166 posts

Box 40 on T4 slip?

Where do you enter the amount from Box 40's T4 slip on the tax return? Is this amount already included in your total income amount?
16 replies
Deal Addict
Jan 22, 2004
3168 posts
36 upvotes
Toronto
You don't enter it anywhere. The info in box 40 is FYI.
[OP]
Jr. Member
Sep 3, 2005
166 posts
Thanks. My SIL was arguing that it had to be put in on a separate line as taxable benefits. However, I didn't recall ever adding it onto the return as I thought this amount was already included in the total gross income.

Thanks!
Deal Fanatic
User avatar
Nov 15, 2005
8840 posts
Vancouver
http://www.cra-arc.gc.ca/E/pub/tg/rc412 ... tml#code40
Code 40 - Other taxable allowances and benefits

If you provided an employee with any taxable allowances or benefits that you did not include elsewhere on the T4 slip, enter code 40 and the corresponding amount in one of the boxes. Include this amount in box 14. See the guide called Taxable Benefits (T4130) for information on how to calculate taxable benefits.
I had to enter the data from Box 40 on my income tax return (for a T4).. I used Ufile.ca though, so it was easy to do.
Beans, beans, the magically fruit. The more you eat, the more you toot. The more you toot, the better you feel. So eat your beans at every meal.
Sr. Member
User avatar
Feb 2, 2005
939 posts
128 upvotes
Yeah, I have done my taxes both on ufile.ca and by hand to double check. I did enter it in ufile.ca, however at no point did I use that number in the paper tax forms. So it must already be added to your regular income on your T4.
Deal Fanatic
User avatar
Nov 15, 2005
8840 posts
Vancouver
Ah gotcha.

Thought it was something important since Ufile specifically asked for the amount in Box40 on the T4.
Beans, beans, the magically fruit. The more you eat, the more you toot. The more you toot, the better you feel. So eat your beans at every meal.
[OP]
Jr. Member
Sep 3, 2005
166 posts
I think I know why ufile asks for Box 40, but the paper return doesn't. When you submit a paper return, you also submit your T4, so they know what Box 40 is (for their records). However, when you submit electronically, you don't submit your T4 slip, and that's why you have to enter in Box 40 (for their records).

It makes sense now...which is why my SIL entered in box 40 (into the software) and I didn't need to (paper)....
Deal Expert
User avatar
Apr 21, 2004
34329 posts
6255 upvotes
Thanks OP for saving me some research time.
Deal Fanatic
Jul 1, 2007
7704 posts
564 upvotes
Good post. That was the single thing on my tax return so far that has had me confused. Studiotax nor the forms themselves have nowhere to enter it, so I entered it as miscellaneous income. Guess I'll delete it, since it's apparently included in Box 14.
Deal Fanatic
Jul 1, 2007
7704 posts
564 upvotes
Does anyone know where to enter Box 36 or if it is also included in Box 14 income?
Deal Addict
May 30, 2006
1749 posts
2 upvotes
Thalo wrote:
Feb 19th, 2008 2:33 am
Good post. That was the single thing on my tax return so far that has had me confused. Studiotax nor the forms themselves have nowhere to enter it, so I entered it as miscellaneous income. Guess I'll delete it, since it's apparently included in Box 14.
Saved yourself some money there :)
Sr. Member
Apr 9, 2007
698 posts
1 upvote
0
What is considered "Code 40 - Other taxable allowances and benefits"?
Deal Fanatic
Jul 1, 2007
7704 posts
564 upvotes
I think it's things like healthcare benefits. Basically intangible income that is taxable (you never saw the money).
Moderator
User avatar
Aug 22, 2003
15539 posts
960 upvotes
Niagara Falls
It can be many different things urban. I know on hubby's it's the life insurance portion of his group benefits. Yet on our son's it's his meal allowance...
Newbie
Feb 1, 2012
1 posts
Richmond, British Co…
okay i also encountered this thing. anyway, this is the first time i had this box 40 amount on my T4. [located on "Other Information"; near the bottom of the T4]
last last year is just basic "box 14 employment income" and all are there to put into my tax software. of course, this time around
i have a new employer so its a bit of a new thing. so, i also have this box 40 amount which i think is that provincial insurance
premium my employer is paying for me. (on my previous employment, my employer doesn't pay it). anyway,
here is the deal, [and i will use actual figures to fully illustrate this brohaha] my total gross income according
to my calculation is $24,167.95, but on my actual T4 on my box 14 its $23,956.20 (employment income) then another
on box 40 is $211.75 (other taxable allowances and benefits) . Check it out, $23,956.20+$211.75 = $24,167.95. the total equals to each other!
and here is the kicker, whether i enter the amount of $211.75 on box 40 or not, i still pay the SAME INCOME TAX based
on the calculation of my tax software (studiotax).
conclusion: i will put that amount on my tax return. since it doesnt affect my income tax and its in my t4 anyway.
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