T4 Canada: T4 Slips 2024 Release Dates

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This article explains everything you need to know about T4 slips: what they are, key dates, employer requirements, and how to generate and file them using Wave. By the end, you’ll be ready to handle your T4 slips with ease during tax season.

What is a T4 Slip?

A T4 slip is a document that shows your earnings and deductions for the previous year (January 1 to December 31). You need this for filing your taxes. For 2024, T4 slips will be available from February 6. Employers must provide T4 slips to employees by February 28 each year. If you earned $500 or more in a year, your employer must give you a T4 slip. If you had multiple jobs, you’ll get a T4 slip from each employer..

Key Dates for T4 Slips in 2024

  • February 6, 2024: You can start generating T4 slips.
  • February 29, 2024: Employers must file T4 slips with the Canada Revenue Agency (CRA) and give them to employees by this date.
T4-Canada

When Do Employers Need to Issue T4 Slips?

Employers must provide T4 slips if they:

  • Deducted CPP/QPP, EI, PPIP, or income tax from your wages.
  • Paid you more than $500 in the year.
  • Offered taxable group term life insurance.

How to Generate and Download T4s in Wave

If you use Wave for payroll, here’s how to generate your T4 slips:

  1. Go to the Payroll section and click on Tax Forms.
  2. Click “Generate” under Actions.
  3. Review the employer summary for accuracy.
  4. Fix any missing details if prompted.
  5. Click “Generate T4s.”

Note: You need an active payroll subscription in Wave to generate T4 slips. If your subscription has expired, reactivate it in the Business Settings.

Filing T4 Slips

Once you’ve generated the T4 slips in Wave:

  1. Download the T4 slips and give them to your employees.
  2. Download the XML file for internet file transfer and upload it to the CRA website.

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

Correcting Mistakes on T4 Slips

If you spot a mistake before filing with the CRA:

  1. Discard the incorrect T4 slip.
  2. Go to the Payroll section and click on Employees.
  3. Select the employee with the error.
  4. Update their personal information.

Extra Tips

  • Make sure all details are correct before generating the T4 slip to avoid errors.
  • Employers must issue a T4 slip to any employee who earned more than $500, even if no deductions were made for CPP/QPP, EI, or taxes.

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