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JoHos1
Level 1

Should T4 Boxes 57-60 include taxable benefits

I can now see the T4 boxes 57-60 auto-populate which is great, thank you!!

 

But it does not seem to include the taxable benefits that are included in box 14.  Shouldn't they?  I thought they should as I did include these benefits when I calculated the TWS & CEWS for my clients as it is part of the employment income.  I also noticed (based on the tutorial regarding these boxes) that the PD7A does not include the taxable benefits either in QB which I believe is incorrect.  The T4 Summary in QB does correctly include the taxable benefits.

4 Comments 4
JoHos1
Level 1

Should T4 Boxes 57-60 include taxable benefits

I have spent some time on the phone with CRA and these boxes MUST include taxable benefits.  If they do not, they will be incorrect and CRA will require everyone to refile the T4s.  Currently QuickBooks does not include the taxable benefits in boxes 57-60 so they will have to be updated manually unless Quickbooks plans to makes these corrections.

KarenvR
Level 1

Should T4 Boxes 57-60 include taxable benefits

Hi,

Do you have the taxable benefits set up correctly?  If you check your payroll item list you should be able to verify and you choose which ones are included in Box 14.

Karen

JoHos1
Level 1

Should T4 Boxes 57-60 include taxable benefits

Yes, everything is showing up correctly in box 14 and 40 but not in 57-60.  I even noticed that the pd7a doesn't have the taxable benefits included which I believe is incorrect but not a concern at the moment.

 

Is no one else experiencing this error?

 

I have attached some screenshots of one of my clients.

 

 

Rochelley
Level 8

Should T4 Boxes 57-60 include taxable benefits

I'm wondering why these boxes would have to include taxable benefits when the taxable benefits are already in Box 40.  I originally was going to include them as I created reports to get the data to enter my own amounts in Boxes 57-60 manually; then I saw Box 40 and re-thought it and removed the taxable benefits from Boxes 57-60.  Now QB is saying that they should be there after all.  ??

 

BTW, you are correct about the PD7A.  It's been a beef of mine for years.  I've been using QB for over 30 years and the PD7A has never included taxable benefits in the income.  For all these years, I have been doing a manual calculation to add them in and report the total on the PD7A I submit to CRA.  The T4 includes them; the PD7A doesn't.  Go figure. ???

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