This article serves as a comprehensive guide to T4 slips. If you’re unfamiliar with what a T4 slip is, when T4 slips are issued in 2024, or need other relevant details about T4 slips in Canada, be sure to Continue reading for all of the information you need.
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T4 Canada: What is a T4?
A T4 slip is a document that outlines your total earnings and deductions for the previous tax year, covering the period from January 1 to December 31. For the 2024 financial year, T4 slips will be available in the Tax Forms section of your payroll account starting February 6, 2024, and must be provided to employees by February 28 of each year.
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Employees who earn $500 or more in a calendar year are entitled to receive a T4 slip from their employer. Employers are responsible for issuing T4 slips to both current and former employees for the preceding year.
If you have had multiple jobs or employment changes within the same year, you may receive more than one T4 slip, as each employer will issue a slip for the earnings and deductions made during your time with them.
When Does T4 Come Out in 2024?
Each year, T4 slips must be filed with the Canada Revenue Agency and distributed to employees by the last working day of February.
Here are the key dates to remember:
| Important Dates | Events |
| February 6, 2024 | T4 slips for the previous taxation year are available to generate in Wave |
| February 29, 2024 | Deadline date to file T4 slips with Canada Reserve Agency |
| February 29, 2024 | Deadline date to distribute the slip to employees |
When is it Required to Issue T4 Slips?
If you are an employer (resident or nonresident) and you have paid employment remuneration, commissions, taxable subsidies and benefits, fishing income, or any other form of compensation to your employees, you must issue a T4 slip under the following conditions:
- You have deducted amounts from your employees’ wages for CPP/QPP, EI, PPIP, or income tax.
- The total compensation paid to an employee during the calendar year exceeds $500 and is not listed as exempt under CRA regulations.
Exception: Even if the total compensation paid in the calendar year is $500 or less, you must still issue a T4 slip if you provide taxable group term life insurance coverage to current or former employees.
How to generate and download T4s?
To generate T4 slips, follow these steps:
- Go to the payroll section and select Tax Forms.
- If your T4 slips are ready, click Generate in the Actions menu.
- Review the employer summary on the follow-up page.
- If there are any missing details, you’ll see a notification to Fix Missing. Complete any required information to proceed.
- Click “Generate T4s” to finalize.
Note: To generate T4 slips in Wave, you need an active or limited access payroll subscription. If your subscription has lapsed, click your business name at the top right corner of your Wave account, select Business Settings, and then go to Billing.
Once the T4 slips are generated, they will be available in your employees’ Wave accounts.
How to file T4?
After successfully generating your T4 slips and summary in Wave, follow these steps to complete your T4 filings:
- Download the T4s: Distribute these to your employees.
- Upload the XML file: Download the XML file for internet file transfer and upload it to the Canada Revenue Agency (CRA) website.
Note: Wave does not file T4 slips directly with the CRA; it is used to generate the T4 slips and summary.
What should I do to Correct T4 Slips?
If you discover an error before filing with the CRA, follow these steps to correct it:
- Discard the Current Form: Click on the “Discard current form and start over” option.
- Generate a New Form: Follow these steps:
- Click on Employees under the Payroll section.
- Select the relevant Employee.
- Click on Personal Information.
For additional information, you can visit your My Account with the CRA to obtain details about your T4 slip.
Do I need to fully understand my T4 slip for taxes?
No, you don’t need to manually fill out the details yourself. If you have an accountant, they will handle the tax filing for you. Alternatively, if you use tax preparation software, it will guide you through the process and indicate where to input each piece of information.
However, understanding the details on your T4 slip is beneficial. It helps you verify your earnings, check deductions for income tax, Canada Pension Plan contributions, and employment insurance, and ensure there are no errors in the calculations.
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If you have any questions or need clarification, you can ask your employer’s payroll office or consult a tax professional for assistance.