Nice t4. Clearly you are not a new guy (100 or less?) and without knowing exactly what you t4 does show I'll follow up with some numbers for thought. I do know that t4's don't reflect actual stock value, only value at purchase (not sale). A t4 showing your income would include $88000 in ESP stock. But since you cannot sell for one year assuming you have this much money in the bank is silly. You for one have ridden this elevator up in the past, no doubt. Stock value averaged about $15 in 2004 88 grand in stock would have fallen to less than $64000 today. You paid 40% tax (just under $10000) on the 24 grand in stock value you never actually saw. Add the depreciation to the extra tax and you get a profit of about 10 grand over what your salary was before all this ESP fuss. Taxtips.ca shows your refund would have been just over $17000 if you'd put your 20% straight into an rrsp, and you'd have a much more balanced and stable portfolio. Now I'm sure your accountant has ways of fending off the taxman and I know most people are happy there, but that is the basic math. The ESP is a wash. The numbers are even easier at $40000/year. In the earlier days the stocks rose and people did OK/very well at this game but today is a different story. A newhire faces the very real probability that they'll never see an upgrade and there are zero reasons for the stock to rise.