This article is a comprehensive guide for your T4 slips. If you are unfamiliar with what a T4 is and when it comes out in 2024, along with other relevant details about T4 Canada, you should stick to this page and continue scrolling down.
Contents
T4 Deadline 2024: What is a T4?
A T4 slip is a statement of the remuneration, including all wages and deductions, paid within the previous taxation term from Jan. 1 to Dec. 31. For the financial year 2024, the T4 slip will be available to generate in the Tax Forms section of your payroll account from February 6, 2024, onward and is provided to employees by February 28 each year.
Every employee earning $500 or more as remuneration within a calendar year must receive a T4 slip from their employer. The employer is responsible for issuing T4 slips to both current and former employees for the preceding calendar year.
It is possible to receive more than one T4 slip in a tax year if your employment changes or you have multiple appointments within the same year.
When Does T4 Come Out in 2024?
Every year, before the last working day of February, T4 slips must be filed or distributed to employees by the employer.
These are the important days you should know:
| Important Dates | Events |
|---|---|
| February 6, 2024 | T4 slips for the previous taxation year are available to generate in Wave |
| February 29, 2024 | Deadline to file T4 slips with Canada Revenue Agency |
| February 29, 2024 | Deadline to distribute the slip to employees |
When is it Required to Issue T4 Slips?
If any of the following conditions apply to you as an employer (resident or nonresident), and you paid your employees’ remuneration, commissions, taxable subsidies and benefits, fishing income, or any other compensation, you must issue a T4 slip:
- You took money out of your worker’s pay for employment insurance, CPP/QPP, EI, PPIP, or income tax.
- If the total compensation paid to your employee exceeds $500 in a calendar year (as per CRA regulations).
Exception: Even if the total paychecks are $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?
Follow these steps to generate and download T4 slips:
- Under the payroll section, click Tax Forms.
- If your T4 slips are ready, click Generate under Actions.
- On the follow-up page, review the employer summary.
- If any details are missing, you will see a notification to “Fix Missing.” Complete the missing information to proceed.
- Click “Generate T4s.”
Note: To generate T4 slips in Wave, you must have 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, go to Business Settings, and then Billing.
Once generated, T4 slips are available in employee Wave accounts.
How to File T4?
After generating your T4 slips and summary in Wave, follow these steps to complete your T4 filings:
- Download the T4s to distribute to your employees.
- Download the XML file for internet file transfer to upload to the Canada Revenue Agency website.
Note: Wave does not file T4 slips with the CRA; it generates the T4 slips and summary instead.
What to do to Correct T4 Slips?
If you make an error and discover it before filing with CRA, click on “Discard current form and start over” and generate the form again by following these steps:
- Click Employees under the Payroll section.
- Select the Employee.
- Click Personal information.
For additional information, visit your My Account with the CRA to access your T4 slip information.