PF2 CHAPTER 3 &4 EXAM 2025/2026
QUESTIONS AND ANSWERS 100% PASS.
What is the purpose of doing a reconciliation of the CRA remittances? - ANS to assist with the
year end filling process// T4 Prep
-to help employer recognize and correct any discrepancies between what was deducted and
remitted and what was reported by CRA
True or false. Payments remitted to the CRA during the year are debited to the employer's
source deductions account. - ANS False. Payments remitted to the CRA during the year are
credited to source deduction account.
Taxable benefit values are to be deducted in an employees income:
a. on a monthly basis
b. annually
c. on a pay period basis
d. at least semi annually - ANS c. on a pay per period.
What might cause an employee to have an over-contribution tot he Canadian Pension plan or
EI? - ANS when adjustments for manual cheques are not made when the cheque is issued
Benefit entitlements apply to which type(s) of pension plan?
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
, a. Defined Contribution
b. Deferred Profit Sharing
c. Defined Benefit
d. All of the above - ANS c. Defined Benefit
Which of the following amounts is not reported on a T4 information slip?
a. Employee registered pension plan contributions
b. Employee Registered Retirement Savings Plan contributions
c. Employer registered pension plan contributions
d. Employer Registered Retirement Savings Plan contributions - ANS b. Employee Registered
Retirement Savings Plan contributions
15. True or False. A paper copy of the T4 Summary form is required, regardless of the method
used to file the T4 slips. - ANS False.
Jerome Miller worked in Alberta, British Columbia, Ontario and Nova Scotia last year. How many
T4 slips will Jerome receive? - ANS 4 - 1 for each province they worked in.
In which of the following situations would an "X" be entered in the CPP\QPP section of
box 28 of the T4 slip?
a. The employee turned 18 in July.
b. The employee turned 70 in March.
c. The employee was considered disabled by the Canada Pension Plan in October.
d. The employee turned 17 in January. - ANS d. The employee turned 17 in January.
When does an employer need to submit a paper copy of the T4A Summary form? - ANS -
when paper t4a slips are used.
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
QUESTIONS AND ANSWERS 100% PASS.
What is the purpose of doing a reconciliation of the CRA remittances? - ANS to assist with the
year end filling process// T4 Prep
-to help employer recognize and correct any discrepancies between what was deducted and
remitted and what was reported by CRA
True or false. Payments remitted to the CRA during the year are debited to the employer's
source deductions account. - ANS False. Payments remitted to the CRA during the year are
credited to source deduction account.
Taxable benefit values are to be deducted in an employees income:
a. on a monthly basis
b. annually
c. on a pay period basis
d. at least semi annually - ANS c. on a pay per period.
What might cause an employee to have an over-contribution tot he Canadian Pension plan or
EI? - ANS when adjustments for manual cheques are not made when the cheque is issued
Benefit entitlements apply to which type(s) of pension plan?
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
, a. Defined Contribution
b. Deferred Profit Sharing
c. Defined Benefit
d. All of the above - ANS c. Defined Benefit
Which of the following amounts is not reported on a T4 information slip?
a. Employee registered pension plan contributions
b. Employee Registered Retirement Savings Plan contributions
c. Employer registered pension plan contributions
d. Employer Registered Retirement Savings Plan contributions - ANS b. Employee Registered
Retirement Savings Plan contributions
15. True or False. A paper copy of the T4 Summary form is required, regardless of the method
used to file the T4 slips. - ANS False.
Jerome Miller worked in Alberta, British Columbia, Ontario and Nova Scotia last year. How many
T4 slips will Jerome receive? - ANS 4 - 1 for each province they worked in.
In which of the following situations would an "X" be entered in the CPP\QPP section of
box 28 of the T4 slip?
a. The employee turned 18 in July.
b. The employee turned 70 in March.
c. The employee was considered disabled by the Canada Pension Plan in October.
d. The employee turned 17 in January. - ANS d. The employee turned 17 in January.
When does an employer need to submit a paper copy of the T4A Summary form? - ANS -
when paper t4a slips are used.
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
