Seeking help, where to bring out and enter info from T4PS?

[Flohead]

Folks, I have this T4PS from 2023 that I have no idea where I can enter under Ufile Canada online.  Full name of the information slip is Statement of Employees Profit Sharing Plan Allocations and Payments.

The closest place would be "T4 and employment income, Interview setup", but I just do not see anything remotely similar.

A search on this forum does not bring up anything squarely on the point.  Can anyone help, please?

 

Thanks. 

[Geo123]

Hello Flohead,

UFile - T4PS Statement of Employee Profit-Sharing Plan

Your employer will issue you a T4PS slip reporting how much you received in in employee profit sharing plan (EPSP) allocations  during the year. If you’re a resident of Québec, these amounts will be shown on a Relevé 25 slip instead.
In a profit sharing plan, your employer shares profits with some or all of their employees. These profits can be shared in a number of different ways, including:
    Dividends
    Capital gains or losses
    Foreign income (business and non-business)
    Other income
    Foreign capital gains or losses
Since you’re taxed on your profit sharing plan allocations every year, amounts that are withdrawn from the fund when you retire or leave the company won’t be taxed a second time. Generally, allocations are taxed as employment income but aren’t pensionable or insurable. If you received EPSP allocations in other forms, such as capital gains or dividends, these amounts are taxed accordingly.

Note: If you’re a specified employee (meaning you don’t deal at arm’s length with your employer or have significant equity interest in them), you’ll have an amount in box 41 of your paper T4PS. If it’s more than 20% of your annual income, you might have to pay additional tax. Refer to the Canada Revenue Agency (CRA) website for information on how excess EPSP amounts are taxed.

>>UFile  >> Interest, Investment Income >> T4PS - Employee profit-sharing plan allocations and payments (including RC359)

>>If specified employee >> Specified employee Yes

>>

https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t4ps.html
 

[Flohead]

20 hours ago, Geo123 said:

Hello Flohead,

UFile - T4PS Statement of Employee Profit-Sharing Plan

Your employer will issue you a T4PS slip reporting how much you received in in employee profit sharing plan (EPSP) allocations  during the year. If you’re a resident of Québec, these amounts will be shown on a Relevé 25 slip instead.
In a profit sharing plan, your employer shares profits with some or all of their employees. These profits can be shared in a number of different ways, including:
    Dividends
    Capital gains or losses
    Foreign income (business and non-business)
    Other income
    Foreign capital gains or losses
Since you’re taxed on your profit sharing plan allocations every year, amounts that are withdrawn from the fund when you retire or leave the company won’t be taxed a second time. Generally, allocations are taxed as employment income but aren’t pensionable or insurable. If you received EPSP allocations in other forms, such as capital gains or dividends, these amounts are taxed accordingly.

Note: If you’re a specified employee (meaning you don’t deal at arm’s length with your employer or have significant equity interest in them), you’ll have an amount in box 41 of your paper T4PS. If it’s more than 20% of your annual income, you might have to pay additional tax. Refer to the Canada Revenue Agency (CRA) website for information on how excess EPSP amounts are taxed.

>>UFile  >> Interest, Investment Income >> T4PS - Employee profit-sharing plan allocations and payments (including RC359)

>>If specified employee >> Specified employee Yes

>>

https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t4ps.html
 

Thank you very much, Geo134, for taking me to the right spot.

Right on target.

 

 

[Geo123]

Hello Flohead,

You are welcome.