A T4 slip is like a report card for your earnings and deductions during the past year’s tax period, from January 1 to December 31. In 2024, you can find your T4 slip in the Tax Forms section of your payroll account starting from February 6, and it will be provided to employees by February 28 each year.
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When Will T4 Slips be Available in 2024?
Each year, employers are required to file or distribute T4 slips to employees before the last working day of the second month.
Key Dates to Remember:
– February 6, 2024: T4 slips for the previous tax year can be generated in Wave
– February 29, 2024: Deadline to file T4 slips with the Canada Revenue Agency
– February 29, 2024: Deadline to distribute the slips to employees
When is it Mandatory to Issue T4 Slips?
Employers, whether resident or nonresident, who have paid their employees’ employment remuneration, commissions, taxable subsidies and benefits, fishing income, or any other compensation, must provide a T4 slip if any of the following conditions apply:
Generating and Downloading T4s
To generate T4 slips, follow these steps:
– Navigate to the Tax Forms section under payroll
– Click on “Generate” if your T4 slips are ready
– Review the employer summary on the follow-up page
– Complete any missing information if prompted
– Finally, select “Generate T4s”
Filing T4
Once you have successfully generated your T4 slips and summary in Wave, you will be provided with instructions on the next steps, such as downloading the T4s to distribute to your workers and uploading the file to the Canada Revenue Agency website.
Correcting T4 Slips
If you realize an error before filing with the CRA, you can discard the current form and start over by following these steps:
– Navigate to the Employees section under payroll
– Select the relevant employee
– Update the personal information as needed
T4 slips play a crucial role in ensuring accurate reporting of employee remuneration and deductions. Employers and employees alike should adhere to the deadlines and guidelines set forth by the Canada Revenue Agency to avoid any potential issues. By understanding the T4 process and requirements, both employers and employees can fulfill their obligations effectively.
FAQs
1. Can I receive more than one T4 slip in the same tax year?
Yes, you may receive more than one T4 slip in the same tax year if your employment status has changed or if you have held multiple positions within the same year.
2. What should I do if I realize there is an error in my T4 slip?
If you realize an error before filing with the Canada Revenue Agency, you can discard the current form and start over by updating the relevant employee’s personal information.
3. Is it mandatory to issue T4 slips if the total amount of compensation paid in the calendar year is $500 or less?
Even if the total amount of compensation paid in the calendar year is $500 or less, a T4 slip must still be submitted if existing or former workers were provided with taxable group term life insurance coverage.