Why do box 24, 26 or 56 not equal Box 14 on the T4?

Possible reasons are:

Box 24

• A taxable benefit is not insurable and is not included in Box 24.

• The employee was paid more than the maximum insurable earnings. Box 24 displays the maximum.

Box 26

• A taxable benefit is not pensionable and is not included in Box 26.

• The employee was paid more than the maximum pensionable earnings. Box 26 displays the maximum.

Box 56

• A taxable benefit is not insurable and is not included in Box 56.

• The employee was paid more than the maximum insurable earnings. Box 56 displays the maximum.

• There are no insurable earnings.

• The insurable earnings value is the same as Employment Income in Box 14. Box 56 will be blank.

• The insurable earnings exceed the yearly maximum value for 2023