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Thursday, April 30, 2015

Canadian Tax Form T4PS Statement of Employee Profit Sharing-Plan Allocations & Payments

The Canadian Tax Form T4PS is also known as the Statement of Employee Profit Sharing-Plan Allocations & Payments. If you have received funds in a given year from your company's profit sharing plan, your employer should send you a Canadian tax form T4PS to show the amount of the funds that were received from the profit sharing plan.

Profit sharing is simply when a company shares the above expected profits with its employees at the end of the fiscal year. Profit sharing income is taxable income.

Are you a Canadian spending a significant amount of time in the United States? Give Borders Bookkeeping a call this year for all your U.S./Canadian tax needs.

Borders Bookkeeping
(760) 895-3516