The T4 slip is a summary of your income and deductions for the year, which is provided by your employer to the Canadian Revenue Agency (CRA) and to you. Deductions you can claim on your T4 include RRSP contributions, certain medical expenses, and child care expenses. If you have made contributions to an RRSP, you will need to get a separate RRSP contribution receipt from the plan holder in order to claim the deductions on your tax return. Some medical expenses may not appear on your T4, but they will likely show up in Box 85 of your T4. It's important to note that life insurance premiums are not deductible. It's a good idea to compare your year-end paystub with your T4 to ensure that all the deductions are correctly reflected. A checkstub creator can be a useful tool to verify the details on your paystub. If you notice any discrepancies, it's a good idea to bring it to the attention of your employer and/or speak to a tax professional for clarification. Keep in mind, it's also important to keep records of your expenses and deductions as you go along the year, so it's easier to claim them on your taxes.
