Dear friends,
I am working in a company through a recruiting agency and paid weekly. Our pay slips come from agency with almost 15% deduction on the total amount. When asked, agency said that they are not charging anything but its the govt taxes and you may get those back at the end of the year when you submit your tax return.
My question is,... do i need to secure all the pay stubs. Are these pay stubs called T4 !, what if i lose a couple of T4s ! Shall i be able to get all of my money back which is being deducted now !
Thanks
Quote:
Originally posted by Hasni
Dear friends,
I am working in a company through a recruiting agency and paid weekly. Our pay slips come from agency with almost 15% deduction on the total amount. When asked, agency said that they are not charging anything but its the govt taxes and you may get those back at the end of the year when you submit your tax return.
My question is,... do i need to secure all the pay stubs. Are these pay stubs called T4 !, what if i lose a couple of T4s ! Shall i be able to get all of my money back which is being deducted now !
Thanks
What you are getting right now are your salary slips or pay stubs which give you details about your income and certain deductions such as EI, CPP, Union Dues (if any) etc. After the calendar year ends, then before End of February next year, your employer with issue you a T4 Slip which would show the total of all incomes and deductions in separate boxes and would also send a copy of the same to Canada Revenue Agency. You need to use that for filing taxes. The paystubs you are getting right now are for your records only and you do not have to worry if you miss any of these. The T4 slips look something like this http://www.cra-arc.gc.ca/E/pbg/tf/t4/t4flat-14b.pdf
When you prepare your tax returns, the information from the T4 would be used and based on your taxable income, if you have paid extra taxes, you would get refund OR if your employer deducted less taxes then was due for the year, you would have to pay taxes at the time of filing the return before 30th April 2016.
Most of the answers to your questions on taxes can be found simply searching on Google or by visiting CRA website.
http://www.cra-arc.gc.ca/ndvdls-fmls/menu-eng.html
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
You must be having at least following deduction components in your payslip
income tax, CPP contributions and EI premium
there might be other deductions based on your benefits and your share profile with the company.
If above is true , you will receive at least one T4 per employer ( generally in the month of Feb for previous year earnings).
In case you have a contract with your 'employer' ( instead of full time/part time employment), then there are other T* forms which you will receive but not T4. I am mentioning this because you said you are working for a company 'through a recruiting agency', I have a hunch this is not permanent employment.
And let me add to your confusion, if there is any............
When filing your taxes, do remember to fill in a form called 1135 - IN CASE you have assets (in any form - cash, shares, land, house, loans given etc.) over CA$100,000 in places outside of Canada, or even shares of non Canadian companies bought while sitting in Canada!!
And If I am not wrong - you have come here from the ME - so no doubt you would be having assets over 100k outside of Canada, unless you encashed everything and came to Canada with all that.
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Chandresh
Advice is free – lessons I charge for!!
Thanks PC and san, Yes i have worked for two and half month as a mechanical assembler in a company. I was sent there through a recruiting agency and recruiting agency used to deposit the money earned in my account and used to send me pay stubs accordingly.
Now i have got another job through another recruiting agency and they deposit my earned money in direct deposit account and mail me the pay stubs.
So in my case i shall be filling in some other T form, will appreciate if you could share a copy of that. Secondly, am i supposed to ask the respective recruiting agency for that form ( as i am not entitled for T4 form), and what is the best time to ask them.
Dear chandresh, i dont have any property exceeding the mentioned amount outside Canada 
Thanks
Location: permanently banned
Posted on: 21-08-15 12:22:36
You don't fill any other T form. Both recruting companies will send you, your T4 slip in the last week of Feb., for the previous year.It will show the Income Tax deducted, CPP deducted, EI deducted and any other deductions. You then use this T4 slip to file your return with CRA and get a refund ( if eligible )
Hi booradley, thanks, yes i am getting all of these three type of deductions that you mentioned and altogether it comes out to be around 20% of the earned money, is it ok or little higher.
