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

T4 Canada – Filing taxes can be a daunting task, especially when dealing with multiple forms and deadlines. One crucial document for employees in Canada is the T4 slip. If you’re unsure about what a T4 slip is, when they come out, or how to handle them, this guide is for you. We’ll cover everything you need to know about T4 slips, including key dates, how to generate and download them, and what to do if you need to correct a mistake. Read on to make your tax filing process smoother and stress-free.

What is a T4 Canada?

A T4 slip is an important document that details the income and deductions you received from your employer over the previous year, from January 1 to December 31. For the 2024 tax year, you can generate your T4 slip from February 6, 2024, onwards, and employers must make them available to employees by February 28 every year.

If you earn $500 or more in a calendar year, your employer must provide you with a T4 slip. This applies to both current and former employees. You might receive multiple T4 slips if you had different jobs or multiple positions within the same year.

When Does T4 Come Out in 2024?

Employers are required to file or distribute T4 slips by the last working day of February each year. Here are the key dates to remember for 2024:

Important DatesEvents
February 6, 2024T4 slips for the previous tax year are available to generate in Wave
February 29, 2024Deadline to file T4 slips with the Canada Revenue Agency (CRA)
February 29, 2024Deadline to distribute T4 slips to employees
Table of T4 Canada: When Do T4 come Out in 2024?

When is it Required to Issue T4 Slips?

As an employer, you must issue a T4 slip if you:

  • Deducted CPP/QPP, EI, PPIP, or income tax from your employees’ wages.
  • Paid any employee more than $500 in a calendar year, including employment income, commissions, taxable benefits, or other compensation.

Exception: If you provided taxable group term life insurance coverage, you must issue a T4 slip even if the total compensation was $500 or less.

How to Generate and Download T4s?

To generate T4 slips in Wave, follow these steps:

  1. Pick up your paycheck and click on Tax Forms.
  2. Click Generate under Actions if your T4 slips are ready.
  3. Review the employer summary on the next page.
  4. Fix any missing details if prompted.
  5. Click on “Generate T4s”.

Note: You need an active payroll subscription with Wave to generate T4 slips. If your subscription has lapsed, renew it under Business Settings in your Wave account.

Once generated, T4 slips will be available in employee Wave accounts.

How to File T4?

After generating your T4 slips in Wave, complete the following steps to file them:

  1. Download the T4s to distribute to your employees.
  2. Download the XML file for internet file transfer to upload to the CRA website.

Note: Wave helps generate T4 slips but does not file them with the CRA.

What to Do to Correct T4 Slips?

If you make a mistake on a T4 slip and notice it before filing with the CRA, follow these steps to correct it:

  1. In the Payroll section, click on Employees.
  2. Select the Employee.
  3. Click on Personal Information.
  4. Discard the current form and start over.

For more information, visit your My Account with the CRA to access your T4 slip details.

IMC Global

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