The Canada Revenue Agency has introduced new codes for the T4 slip for the 2024 tax year as follows:
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Code 94 - Indian (exempt employment income) – RPP contributions
For T4 slips submitted for the 2024 tax year and beyond, only report contributions to a registered pension plan (RPP) related to tax-exempt employment income paid to registered employees or eligible for registration under the Indian Act, using Code 94.
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Code 95 – Indian (exempt employment income) - Unions Dues
For T4 slips submitted for the 2024 tax year and beyond, only report union dues associated with tax-exempt employment income paid to registered employees or eligible for registration under the Indian Act, using Code 95.