T4 slip, Statement of Remuneration Paid

Starting in January 2007, a fisher's income must be reported on a T4 slip, as we no longer produce or accept the T4F slip or T4F Summary. If you employ fishers, see the Filing the T4 Slip and Summary guide.

As a fisher, you may have received a T4 slip that shows your fishing income. Since your T4 slip may not show all your fishing income for the year, you should keep a detailed record of all your fishing income. Enter on Form T2121, Statement of Fishing Activities, the total income you received.

Your T4 slip also shows the amount of income tax that has been deducted from your fishing income for the calendar year. However, if your fiscal period ended on a date other than December 31, enter on line 437 of your income tax and benefit return one of these amounts:

• the total tax deducted for the year, as shown on your T4 slip; or
• the part of the tax deducted for your current fiscal period. You will claim in the following year the remaining amount.

In either case, include your T4 slip with your income tax and benefit return.

You can choose to have tax deducted on an amount you will receive from a catch. To do this, complete Form TD3F, Fisher's Election for Tax Deductions at Source, which you and the buyer of the catch or the designated employer have to sign.

For more information, see Chapter 2 of the Fishing Income guide.

Forms and publications

• Fishing Income guide (T4004)
• Filing the T4 Slip and Summary guide (RC4120)
• Form T2121, Statement of Fishing Activities
• Form TD3F, Fisher's Election for Tax Deductions at Source