ox 24 is higher than box 14 in T4

Sandy I · ‎March 13, 2024

hi all ,

is it possible that box 24 is higher than box 14 since the company pension plan is added in box 24 but not in box 14 , it is a non taxable benefit and should not e added to box 14 ?

should the company pension plan (employer contribution) added to box 24?

is teh below accurate :

Box 14 (Employment income): This box typically includes all types of employment income, including salary, wages, bonuses, taxable benefits, and any other compensation received from the employer.(RPP employer contribution is not taxable benefit that’s why it should not be added in box 14, only employee contribution is added )

Box 24 (RPP contributions): This box specifically represents the total amount of contributions made by both the employer and the employee to a Registered Pension Plan (RPP) during the tax year.

thanks

Trish_T · ‎March 13, 2024

Hi Sandy I,

Thanks for reaching out to us here. QuickBooks Online Payroll automatically calculates the associated taxes, in keeping with government guidelines. It also ensures accuracy on the associated payroll forms.

Box 24 displays the total amount of insurable earnings. This is the amount you used to calculate your employee's EI premiums reported using box 18, up to the maximum insurable earnings for the year, as outlined on the CRA website. However, it's important to review the payroll set up, to ensure accurate calculations.

Your time is valuable, and for this reason I feel the best course of action would be to speak with a QuickBooks Online Payroll specialist. They will be able to work with you in real time, and , and ensure your T4 sliops are accurate without delay!

If you have any other questions, feel free to reach out. We would be glad to help!

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ox 24 is higher than box 14 in T4

ox 24 is higher than box 14 in T4

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