CRA Releases 2014 T4 Slip

The 2014 T4 slip is now available and contains a couple of changes of note.

The name of Box 87 changed from “Volunteer Firefighter” to “Emergency Services Volunteer” to reflect the new expanded $3000 non-refundable tax credit introduced with the February 11, 2014 Federal Budget for certain search and rescue volunteers. The real dollar value of the credit is $450 which is 15% of $3000.

To qualify, the search and rescue volunteer must perform at least 200 hours of eligible services for an eligible search and rescue organization or as a volunteer firefighter for a fire department or a combination thereof. Organizations must be prepared to provide certification for the time their volunteers spend to back up the claims.

Volunteers who receive an honorarium may qualify for a $1000 exemption of this income. Starting in 2014 the income exemption related to all emergency services will be identified on your T4 information slip. The instructions refer to Lines 362 and 395 to report the relevant information on the T1 Return.

For more information, be sure to attend the January Distinguished Advisor Workshops – entitled the Personal Tax Bootcamp – to be held in Winnipeg, Toronto, Calgary and Vancouver.