Question 1

What is a T4 Form?

Accepted Answer

A T4 slip (Compensation Report) is an official document that provides information about the total amount of money the employer paid to his employee during one calendar year. It is one of the leading tax documents for an employee.

The T4 includes income and deductions from wages for employment insurance, Canada Pension Plan, and total taxes paid for the year.

Employees are entitled to receive the T4 from their employer, who must send them the T4 tax form by the end of February via mail, online, or in person.

Question 2

What are the main things the T4 form includes?

Accepted Answer

The basic information contained in Form T4:

- Income from employment (Salary and wages, bonuses, vacation pay, tips and gratuities, honorariums, director's and management fees, executor's and administrator's fees received to administer an estate, non-resident director's fees paid for services rendered in Canada, commissions, taxable allowances, the value of taxable benefits, and any other payments an employer paid to employees during the year)
- All types of contributions (employee contributions to the Quebec Pension Plan (QPP) and the Canada Pension Plan (CPP), depending on the province or territory of employment. If the employee contributed to the CPP and QPP during the year, the employer must prepare two T4 receipts.
- Contributions to the Registered Retirement Plan (RPP).
- Union dues and charitable donations to qualified individuals in Canada.
- Total pensionable earnings paid to the employee. This amount can be up to the maximum pensionable earnings for the year.
- Other important information.

Question 3

How do I receive a T4 slip?

Accepted Answer

Each of the employers (if more than one) must complete and give an annual T4 slip for your employment. The employer must provide the T4 to the employee and send a copy to the CRA. It must happen by the end of February each year. Note that T4 slips are made for the previous tax year. The employer can give the T4 statement of remuneration paid in several ways:

- by giving the employee a paper copy directly, or
- by mailing.

He can also provide the T4 tax form via email or an online payroll portal.

Question 4

Can you get the T4 online?

Accepted Answer

Yes, you can get a T4 online even for previous reporting periods. It is possible because the employer must send a copy of the T4 slips to the employee and the Canada Revenue Agency (CRA). Almost all reports relating to an individual, including the T4, are available through the MSCA (My Service Canada Account). To get access, you need to register or log in for MSCA. When requesting a report online, please pay attention to the deadline for submitting it. The T4 may not have been generated by the employer yet.

Question 5

What are the different T4 slips?

Accepted Answer

In addition to T4 itself, there are several other types of slips, for example:

T4RSP (Statement of RRSP Income)
T4RIF (Statement of income from a RRIF - Registered Retirement Income Fund)
T4A(OAS) (Statement of Old Age Security)
T4A (Statement of Pension, Annuity, Retirement, and Other Income)
T4E (Statement of an Employment Insurance or Other Benefits)
T4A(P) (Statement of Canada Pension Plan Benefits)

Question 6

Which T4 slip do I need if I received COVID-19 bonuses?

Accepted Answer

All payments, additional benefits, and advantages you received due to COVID-19 will appear on one T4A form.

If for some reason, you did not receive your T4A slip by the end of February of the current year, you can retrieve a copy from My Account CRA. Contact the CRA by phone if you're still having problems here and haven't received a T4A.

In addition to the T4A slip, residents of Quebec also receive an RL-1 slip.

Question 7

What can I do if I make a mistake in the T4 form?

Accepted Answer

If the employer or employee discovers the mistake after filing, you need to file an amended report. To amend T4 via the Internet, change only the incorrect information.

If you file your amended return on paper, write "AMENDED" at the top of the slip. Ensure you fill out all the required boxes, including the correct information on the original Canada T4. Send one copy of the amended T4 tax form to any national verification and collection center with an explaining letter.

Question 8

When do you need to send the T4 form?

Accepted Answer

The employer must file the T4 tax form using the T4 sample (together with the related slips) before or on the last day of February. He should also provide his employees with their T4 tax forms before or on the last day of February. It refers to the calendar year next to which the T4 statement of remuneration paid applies.

There is also an obligation to keep the electronic and paper records for six years after the year they relate to. If you want to eliminate them before the six years is over, fill out Form T137 (Request for Destruction of Records).

Question 9

What can I do if I lose my T4?

Accepted Answer

Sometimes employees lose their important tax documents. It can happen with T4 as well. If you are one of the employees who has misplaced, lost, or destroyed their T4 tax form, you may contact your employer to get another copy.

You can also use online resources to get documents. You may use My Account for Individuals to request a copy of any tax information slips (T4, T4A, T4A(OAS), T4A(P), or T4E) which are related to you.

Question 10

How long do you need to keep T4?

Accepted Answer

Regulatory acts prescribe the need to store all tax information and reports, including the T4 statement of remuneration paid, for six years. By fulfilling this duty, you will be sure you have all the documents in case of a tax audit.

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