T4 Canada: What is a T4 & When Do T4 come Out in 2024? Complete Guide

T4 Canada What is a T4

This article is a complete guide for your T4 slips. So, if you are unknow of What a T4 is and when T4 come Out in 2024? And the other relevant details about T4 Canada, you must stick to this page and continue scrolling down.

T4 Canada: What is a T4?

A T4 slip is a statement slip of the remuneration, including all wages and deductions paid within the previous taxation term commencing from Jan. 1 to Dec. 31. For the financial year 2024, the T4 slip will be available to forge in the Tax Forms section of your payroll account from February 6, 2024, onward and is made available to employees by February 28, every year.

Every employee who is earning $500 or more as remuneration within a calendar year must get a T4 slip from the employer with whom they are engaged. The employer is liable to issue the T4 slips to their current and former employees for the preceding calendar year.

Important Links

  1. Child Benefit Payments
  2. Cost of Living Payment
  3. Housing Benefit Dates
  4. Benefit Payment Dates
  5. Worker Benefit Payment

It is not necessary that you receive one tax slip in the same tax year, you may receive more than one tax slip if your employment has been changed in the same year or you had more than one appointment in the same year.

When Does T4 Come Out in 2024?

Every year, before the last working day of the second month, T4 slips are mandatory to be filed or distributed to the employees by the employer.

Here are the substantial dates that you must be mindful of:

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?

T4 Canada What is a T4

If any of the subsequent conditions apply to you and you are an employer (resident or nonresident), and you paid your employees’ employment remuneration, commissions, taxable subsidies and benefits, fishing income, or any other compensation, you must present a T4 slip:

  • You took deductions from your employee’s wages for CPP/QPP, EI, PPIP, or income tax.
  • If the reimbursement paid to your employee is not on the exemption list and the total amount of compensation paid throughout the calendar year exceeds $500 (as per the CRA administrative regulation), then the exception does not apply.

Exception: Even if the amount of all paychecks paid in the calendar year is $500 or less, you must always submit a T4 slip if you offer existing or former workers taxable group term life insurance coverage.

How to generate and Download T4s?

To do the task, initiate the following steps:

  • Under the payroll section, click Tax Forms.
  • Click Generate under Actions if your T4 slips are ready.
  • On the follow-up page, the employer summary will be open for your review.
  • If you missed out on any details, you will see a notification to “Fix Missing”. Complete the missed-out information to proceed further.
  • Finally, hit the “Generate T4s” option.

Note: To generate T4 slips in Wave, you must have an active or limited access payroll subscription. If it is lapsed, you must click on your business name at the top right corner of your Wave account. Further, hit the Business Settings option and then tap Billing.

As soon as the employees generate the T4 slips, they are available in employee Wave accounts.

How to file T4?

Once you have successfully generated your T4 lips and summary in Wave, the next page will comprise the short to-do list to complete your T4 filings. Things you must do are:

  • Download the T4s to distribute to your workers.
  • To upload the file to the Canada Reserve Agency website, download the XML file for internet file transfer.

Note: You should be aware that Wave does not file T4 slips with the CRA, they are used to generate the T4 slips and summary instead.

Important Links

  1. Child Benefit Payments
  2. Cost of Living Payment
  3. Housing Benefit Dates
  4. Benefit Payment Dates
  5. Worker Benefit Payment

What to do to Correct T4 Slips?

If you commit an error unknowingly and later find it before filing with CRA, you must click on the “Discard current form and start over” option and generate the form again using the steps mentioned below:

  • Click Employees under the Payroll section.
  • Further, select the Employee.
  • Click Personal information.

If you want additional information, please visit your My Account with the CRA to acquire your T4 slip information.

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