Tax season can become a headache for most students living in Canada. But if you only have a single T4 Tax Return income slip and T2202A Tuition slip, you will not have to go through any struggles.
You can get the job done in a breeze. But others have to allocate a considerable amount of time as well as effort when filing taxes. Along with the busy schedules, it can be a real stress.
What would happen if you lose your T4 or T2202A slip? Can you file your tax return without these slip? If you cannot find your T4 and/or T2202A slip, this blog is for you!
Is it possible to pay for taxes without T4 slip or T2202A?
Nobody is perfect. It is completely natural for you to misplace or lose the T4 or T2202A slip. If you come across such a situation, you should not worry as there are alternatives available to recover these slips.
A T4 slip has lots of useful information related to your taxes. Hence, you should take good care of it and make sure that you don’t lose it. Information available in the T4 slip provides clear indication on the total amount that you were paid by the employer before deductions.
In addition to that, the T4 slip has information related to your Income taxes deducted, Employment Insurance (EI), Canada Pension Plan (CPP) contributions and other taxable benefits.
The T4 slip is provided to all the hourly and salaried employees working in Canada. It is the responsibility of an employer to provide this slip to the employees who work under them. If you worked for multiple employers, you will have multiple T4 slips. You will need to have all those T4 slips at the time of filing for tax returns.
When should the employer send out a T4 slip?
By law, all the employers will need to send out the T4 slips by 29th of February this year. The exact date would vary from one year to another.
Even if you have left a specific employer, but have worked for that specific employer within the previous tax year, you should be receiving a T4 slip. It is the responsibility of the employer to send out this slip.
However, contact information and address can change and you might end up not receiving the T4 slip. This blog answers where you can find the misplaced slips.
How to file T4 Tax Return without having the T4 slip?
No need to stress! The Canada Revenue Agency has recently introduced a new service called CRA My Account . When you sign into this, you will be provided with the chance to gain access to all the slips that are processed (T4 income slips, T2202A tuition forms, T4A commission slips etc).
In addition to the slips, you will also be able to see contributions rooms and carry forwards from the previous year. This includes RRSP contribution limits and tuition credits.
Any catch? The only catch is not all slips are accessible online. Only a limited number of slips would be available. However, you can get in touch with CRA via phone to ask for more information. 1-800-959-8281 is the number that you should call in order to get in touch with CRA for individual enquiries.
At the time of calling CRA, you will need to verify your personal information and numbers from last year’s tax return.
How can self-employed people file their taxes?
If you are a self-employed person, you will not be issued a T4 slip by your employer. Rather you will be issued a T4A slip. It is your responsibility to keep track of all your income and expenses throughout the year.
You can think about getting the assistance of an accounting software to log all information with related to income and expenses. There are some popular mobile apps like Quickbooks Online, Xero and Wave which can help with tracking. Or else, you can easily maintain everything in a simple Excel spreadsheet stored in your computer.
At the time of claiming businesses expenses, you are encouraged to be reasonable. That’s because the CRA will take a look at all the items that are essential to the company and you should be logging reasonable amounts under those expenses. This includes the usage of company car and meals and entertainment expenses for business meetings and or home office expenses.
While going through the process of filing for taxes, we often see how people come across challenges. If you come across any challenges, you can either get in touch with Canada Revenue Agency or a reputed tax consultant such as Taxants.ca. They will be able to provide all the support you need for successfully filing your tax returns.
Read more at taxants.