What Is a T4? When Does the T4 Come out In 2024? The Whole Guide

This page has everything you need to know about your T4 slips. Don’t know what a T4 is or when it will come out in 2024? And other important information about T4 Canada, you need to stay on this page and scroll down.

Do You Know What a T4 Is?

A T4 slip is a pay stub that lists all of your income and deductions from the previous tax year, which ran from January 1 to December 31. If you want to make a fake T4 slip for the fiscal year 2024, you can do so in the Tax Forms part of your payroll account starting February 6, 2024. Every year, employees can get theirs by February 28.

If an employee makes $500 or more in a year, they need to get a T4 slip from their company. For the previous year, the employer has to give the T4 slips to all of their current and former workers.

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You may get more than one tax slip in the same tax year if your job changed or if you had more than one meeting during that year.

When Does 2024’s T4 Come Out?

T4 slips must be filed or given to workers by their employers every year before the last working day of the second month.

Here are the important times you need to keep in mind:

Important DatesEvents
February 6, 2024T4 slips for the previous taxation year are available to generate in Wave
February 29, 2024Deadline date to file T4 slips with Canada Reserve Agency
February 29, 2024Deadline date to distribute the slip to employees

When Do You Need to Give out T4 Slips?

What Is a T4? When Does the T4 Come out In 2024? The Whole Guide

If you are a boss (resident or nonresident) who paid your workers wages, commissions, taxable benefits and subsidies, fishing income, or any other kind of pay, and any of the following conditions apply to you, you must show a T4 slip:

  • You took money out of your worker’s pay for income tax, CPP/QPP, EI, PPIP, or PPIP.
  • As per CRA administrative rule, the exception does not apply if the reimbursement you paid your employee is not on the exemption list and the total amount of pay you paid them in a calendar year was more than $500.

Except when all of your paychecks added up to $500 or less in a calendar year. You must always send in a T4 slip if you offer current or past employees taxable group term life insurance.

How Do I Make T4s and Download Them?

Start the following steps to finish the job:

  • Under “Payroll,” click on “Tax Forms.”
  • If your T4 slips are ready, click Generate under Actions.
  • The company summary will be available for you to read on the follow-up page.
  • You will see a message that says “Fix Missing” if you missed any information. Fill in the blanks with the missing details to move on.
  • Last, click the “Generate T4s” button.

Note: You need a current or limited access payroll subscription in Wave in order to make T4 slips. You need to click on your business name in the upper right area of your Wave account to see if it has expired. After that, go to Business Settings and then tap Billing.

As soon as the workers make the T4 slips, they can be found in their employee Wave accounts.

How Do I File My T4?

Once you’ve made your T4 lips and summary in Wave, the short list of things you need to do to finish filing your T4 will be on the next page. These are things you need to do:

  • Get the T4s here to give them to your employees.
  • Get the XML file for internet file transfer before you send the file to the Canada Reserve Agency website.

If you are aware, Wave does not file T4 slips with the CRA. Instead, they are used to make the T4 slips and summary.

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How to Fix T4 Slips?

If you make a mistake and then realize it before sending the form to CRA, you must choose “Discard current form and start over” and follow the steps below to make the form again:

  • Under “Payroll,” click on “Employees.”
  • Pick out the Employee as well.
  • Press on Personal details.

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