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- You have to withhold income tax from all wage-loss replacement plan benefits. If you also have to deduct CPP and EI, report the income and deductions on a T4 slip. If you do not have to deduct CPP and EI, report the income and deductions on a T4A slip.
www.canada.ca/en/revenue-agency/services/tax/businesses/topics/payroll/payroll-deductions-contributions/special-payments/wage-loss-replacement-plans.html
Income tax and reporting. You have to withhold income tax from all wage-loss replacement plan benefits. If you also have to deduct CPP and EI, report the income and deductions on a T4 slip. If you do not have to deduct CPP and EI, report the income and deductions on a T4A slip.
Report, on line 10130 of your return, your total contributions to your WLRP shown in the supporting documents from your employer or insurance company. For more information, see archived Interpretation Bulletin IT-428, Wage Loss Replacement Plans.
Information about wage loss replacement plan (WLRP) benefit payments and other related information. The document addresses whether WLRP payments are pensionable for CPP purposes and insurable for EI purposes.
Aug 30, 2016 · If you received a lump-sum payment from a wage-loss insurance policy at the end of your employment, you may need to report it on your income tax return. Find out when this is the case and how to report these amounts.
Dec 11, 2014 · In order to be considered a WLRP, the CRA requires that all of the following criteria are met: The plan is a group plan – it provides coverage for more than one employee. The plan is funded, in whole, or in part, by the employer.
A wage loss replacement plan can be created by grouping two or more individual disability insurance policies under a common plan that is established by the employer for the benefit of employees. Any employer (corporation, partnership or sole proprietorship) may establish a wage loss replacement plan for its employees.
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How do I report my WLRP contributions?
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Do I have to report WLRP payments on my tax return?
Is a WLRP taxable?
How do I become a WLRP?
Do employees pay WLRP?
A Wage Loss Replacement plan is an arrangement between an employer and employee or a group or association of employees, where benefits are payable on a periodic basis if the employee suffers a loss of employment income due to an illness, maternity or accident.
