# T4 Income Question



## monokitty (Jan 26, 2002)

Quick question: Line 14 on your T4 (Employment Income) -- is that your net or gross income for 2007? (before - or after - your income tax, CPP, and EI deductions.)


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## Chris (Feb 8, 2001)

Not having a T4 in front of me, I believe that is your gross salary. Revenue Canada doesn't care about net! It should also include any taxable benefits you may have received.

I won't se my T4 for about another week, so I'm going from memory, here. If you have a tax return with you, the guide should explain this pretty thoroughly.


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## guytoronto (Jun 25, 2005)

Line 101 - Employment income


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## monokitty (Jan 26, 2002)

guytoronto said:


> Line 101 - Employment income


That doesn't appear to clarify my question. It lists salary, wages, commission, etc, but doesn't clarify if it's gross or net amounts.


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## Chris (Feb 8, 2001)

Gross, always gross. Net only has meaning on your pay cheque. Your tax rate is based on your gross, less the appropriate tax credits and other deductions, which cannot be calculated until your total (i.e. gross) income is known.

You really won't know your true "net" income until you've calculated your final tax return.


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## dona83 (Jun 26, 2005)

I don't know about you guys but I think they have it the other way around because frankly my net income is GROSS.... just purely disgusting.


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## monokitty (Jan 26, 2002)

Thanks, guys. 



dona83 said:


> I don't know about you guys but I think they have it the other way around because frankly my net income is GROSS.... just purely disgusting.


Hah, tell me about it.


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## Chris (Feb 8, 2001)

Can't disagree with dona83's observation!:clap:


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## RicktheChemist (Jul 18, 2001)

.


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