Fishing income

Fishing income is reported on the T4 slip.

Fishing income (for example, proceeds of the catch paid to a self-employed fisher) and employment income (for example, plant income) can be reported on the same T4 slip or on separate T4 slips.

The instructions that follow are for fishing income paid to a self-employed fisher. For instructions on paying employment income to an employee, see Completing the T4 slip.

Notes
Do not use code 78, 79, or 80 to report employment income, use box 14.

Reporting paid or payable self-employed fisher income depends on whether you are using the cash method or accural method of accounting. For an explanation of these methods, see Chapter 1 of Guide T4004, Fishing Income.

For more information on fishing income, see Guide T4005, Fishers and Employment Insurance, and Guide T4004, Fishing Income.

Employer's name
Enter your operating or trade name.

Employee's name and address
Enter the fisher's name and address, including the province or territory and postal code.

Box 10 - Province of employment
Enter the provincial or territorial abbreviation to indicate where the fisher reported for work.

Box 12 - Social insurance number
Enter the social insurance number (SIN) shown on the fisher's SIN card.

Box 14 - Employment income
Leave blank. Fishing income is reported using codes 78, 79, and 80. See the "Other information - Fishing income" area below.

Boxes 16 and 17 - Employee's CPP/QPP contributions
Do not complete this box. Fishing income is not subject to CPP/QPP contributions.

Box 18 - Employee's EI
Enter the EI premiums you deducted from the fisher's gross income.

Box 24 - EI insurable earnings
Enter the amount of the fisher's insurable earnings on which you calculated the EI premiums, up to a maximum of $44,200 for 2011. Enter "0" if there are no insurable earnings.

Box 26 - CPP/QPP pensionable earnings
Enter "0," since fisher earnings are not pensionable.

Box 28 - Exempt (CPP/QPP, EI, and PPIP)
Enter an "X" under CPP/QPP (fisher's earnings are not pensionable).

Box 29 - Employment code
Enter employment code 17.

Box 55 - Employee's PPIP premiums
Enter the PPIP premiums you deducted from gross income of fishers working in Quebec.

Box 56 - PPIP insurable earnings
For fishers working in Quebec, enter the total amount used to calculate the fisher's PPIP premiums, up to a maximum of $64,000 for 2011.

Other information - Fishing income

Code 78 - Fishers - Gross income
Enter the amount paid or payable to the fisher from the proceeds of the catch. Do not include this amount in box 14. In addition, report either the net partnership or owner amount using code 79 or the shareperson amount using code 80.

Note
This income does not include amounts paid for a catch or part of a catch made by other persons who were not members of a crew. See Guide T4005, Fishers and Employment Insurance.

Code 79 - Fishers - Net partnership amount
Enter the amount that is the product of the gross income (or gross value of the catch) reported under code 78, minus the 25% prescribed amount and the total amount paid to the sharepersons reported under code 80, multiplied by your partnership agreement allocation. (See example 5 in Guide T4005, Fishers and Employment Insurance.) Include this amount in box 24 (box 56 for fishers in Quebec). Do not include this amount in box 14.

Code 80 - Fishers - Shareperson amount
Enter the amount paid or payable to the fisher from the proceeds of a catch based on the sharing arrangement agreed to before embarking on the fishing trip. Include this amount in box 24 (box 56 for fishers in Quebec) and with code 78. Do not include this amount in box 14.