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Canada Revenue
Agency		 Agence du revenu
du Canada		 Protected B when completed
2024
Tax on Excess Employees Profit Sharing Plan Amounts
 
If you are a specified employee and employer contributions made to an employees profit sharing plan (EPSP) are allocated to
you, you may have to pay a special tax on the portion of the EPSP amount that is more than 20% of your employment income
from this employer for the year. This form will help you calculate the excess EPSP amount and related taxes.
 
A specified employee is a person who deals with an employer in a non-arm's length relationship or who owns, directly or
indirectly, at any time in the year, 10% or more of the issued shares of any class of the capital stock of the employer
corporation, or any other corporation that is related to the employer corporation.
 
Attach this completed form to your return.
 
Multiple EPSPs
 
If you are a beneficiary under more than one EPSP with the same employer, you will have more than one T4PS slip. If so,
add the amounts from your T4PS and T4 slips and enter the totals on lines 1 and 3 below.
 
If you have EPSPs from different employers, complete a separate form for each employer. Add the amount from line 7 of
each form and include the total on line 22900 of your return, and add the amount from line 10 of each form and include the total
on line 41800 of your return.
 
  Taxpayer information
 
   First name  Last name Social insurance number  
   
 
 
  Excess EPSP amount
 
   
  If you are a specified employee, enter the amount of contributions from box 41 of your T4PS slip.   1
  Enter the employment income reported on your T4 slip(s) from the
employer who made the EPSP contributions. Also include wage loss		      
  replacement benefits received related to this employment.   2  
  Enter the security options benefits (box 38 of your T4 slip) and other
employment income (box 35 of your T4PS slip) related to the		      
  employment income reported on line 2.   – 3  
  Line 2 minus line 3   = 4  
  Rate   x                  20% 5  
  Line 4 multiplied by the percentage from line 5   = ► – 6
  Line 1 minus line 6 (if negative, enter "0")  
  Include this amount on line 22900 of your return. Excess EPSP amount  68210 = 7
 
 
  Tax on excess EPSP amount
 
  Enter the rate for your province or territory of residence at the end of the year using the charts
  below. (If you were not a resident of a province or territory in Canada, enter the rate for "Other".)   x                53.53% 8
  Line 7 multiplied by the percentage from line 8      
  Include this amount on line 41800 of your return. Tax on excess EPSP amount   = 9
 
 
  Jurisdiction Rate   Jurisdiction Rate  
  Newfoundland and Labrador 54.8%   Saskatchewan 47.5%  
  Prince Edward Island 51.75%   Alberta 48%  
  Nova Scotia 54%   British Columbia 53.5%  
  New Brunswick 52.5%   Northwest Territories 47.05%  
  Québec 33%   Yukon 48%  
  Ontario 53.53%   Nunavut 44.5%  
  Manitoba 50.4%   Other (non-resident) 49%  
 
 
See the privacy notice on your return.
 
RC359 E (24) (Ce formulaire est disponible en français.) Page 1 of 1