Ontario Mortgage Agent Practice Exam

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Prepare for the Ontario Mortgage Agent Exam. Study with comprehensive quizzes, multiple-choice questions, and hints that enhance your understanding of mortgage regulations and practices in Ontario. Get ready to succeed in your mortgage agent licensing journey!

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What does Box 22 on a T4 slip indicate?

  1. A) Employee's medical insurance deducted

  2. B) Employee's retirement savings contributions

  3. C) Employee's income tax deducted

  4. D) Employee's performance bonus received

The correct answer is: C) Employee's income tax deducted

Box 22 on a T4 slip indicates the total amount of income tax that has been deducted from the employee's pay throughout the year. This amount is reported to both the employee and the Canada Revenue Agency (CRA) for tax purposes. This option is more correct than the other ones because it directly relates to income tax. A) Employee's medical insurance deducted is incorrect because this information is reported in Box 85 of the T4 slip, not Box 22. B) Employee's retirement savings contributions is incorrect because this information is reported in Box 20 of the T4 slip, not Box 22. D) Employee's performance bonus received is incorrect because this information is reported in Box 14 of the T4 slip, not Box 22. Additionally, bonuses are not subject to income tax deductions, therefore they would not be reported in Box 22.

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