Do you know what is included and excluded from your employment income? Have you ever had a job where your employer has provided you with a non-cash benefit? Perhaps a company car, health insurance, life insurance, or a pension plan?

Many working Canadians receive more than just “cash” from their employer.  These other items come in many forms, and can add up to an additional 20% to the employee’s salary! It is because of this that the Government specifies that the value of certain items provided by the employer must be added to the employee’s income, and reported on their T4 slip.

Before we explore Chapter 2, Employment income, take time to participate in the following interactivity:

Interactivity

1. Review your T4 slip from 2013.   Do you have any “other information” boxes filled in? Do you  know what these benefits are from? If you do not have any “other information boxes” review a T4 of a willing parent, friend or spouse.

2.  Ask a friend/parent/spouse if they are aware of whether the benefits they receive from their employer are taxable or non-taxable