If you're exempt from paying Canada Pension Plan (CPP)/Quebec Pension Plan (QPP) in Québec, Employment Insurance (EI), or Québec Parental Insurance Plan (PPIP) premiums, your T4 slip should indicate this. Here's how to report these exemptions in Wealthsimple Tax:
- Add the Employment Income section to your profile
- Locate the checkboxes relating to Box 28 in the top right corner
Reporting exemptions:
CPP/QPP exemption:
- Click the checkbox beside box 28 for CPP/QPP
- If box 16 shows an amount, enter it in the corresponding field
EI exemption:
- Click the checkbox beside box 28 for EI
- If box 18 shows an amount, enter it in the corresponding field
PPIP exemption (for Québec income only):
- Click the checkbox beside box 28 for PPIP
- If box 55 shows an amount, enter it in the corresponding field
Important notes:
- Only check the exemption boxes if your T4 specifically indicates you're exempt
- You may be exempt from one premium but not others
- Exemptions can affect your future benefits, so ensure they're reported correctly
Remember:
- Keep your T4 slip and any related documents for your records
- If you have multiple T4 slips, check each one for exemptions
If you're unsure about your exemption status or have questions about how it affects your taxes, consider consulting with a tax expert.
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