Learning what a T4A slip is one of the first steps to understanding your taxes. Dubbed by many as the “Junk Drawer” of tax slips, if you received an income that doesn’t fit within any bracket on your T4 slip, it probably belongs on the T4A slip. That, or you work for yourself. Whether it’s pension, bursary, grant, self-employed income, or a COVID-19 benefit, the T4A slip covers it all. Knowing what a T4A slip is – and how to fill it out – is particularly important now that a growing number of Vancouverites have received COVID-19 benefits in the last year.
1. What COVID-19 benefits are included on the T4A slip?
The Government of Canada COVID-19 income support benefits are as follows: the Canada Recovery Benefit (CRB), the Canada Recovery Sickness Benefit (CRSB), and the Canada Recovery Caregiving Benefit (CRCB). If you received any of the above in the last year, it goes in box 202, 203, and 204, respectively, on your T4A slip.
2. Where do I receive a T4A slip?
Your T4A slip will be sent to your home address that you have attached to your My CRA Account. If you have moved or did not receive your T4A for some other reason, you can access your T4A slip on your My CRA Account online. If it’s not there, you can always phone or email the CRA.
3. Aside from COVID-19 benefits, what else is covered on the T4A slip?
A lot of things are covered on your T4A slip, such as:
- Self-employment income
- Pension money
- Educational assistance payments
- Scholarships
- Bursaries
- Fellowships
- Artists’ grants
- Prize money
- Short-term disability
- Long-term disability
- Medical premium benefits
- And a potpourri of other things
4. Is T4A income taxable?
Yes, any money included on your T4A is considered taxable income.
5. How many versions of T4A slips exist?
There exists four different versions of the T4A slip. There is the T4A(P) Statement of Canada Pension Plan Benefits slip, T4A(OAS) Statement of Old Age Security slip, T4A-RCA Statement of Distributions from a Retirement Compensation Arrangement slip, and finally the plain old T4A Statement of Pension, Retirement, Annuity, and Other Income slip.