T4 slips are used to report the income you paid to your employees over the previous calendar year to the Canada Revenue Agency (CRA).
Creating T4 slips, while important, can be a daunting annual task. Using QuickBooks Payroll can make the process a whole lot simpler.
By the last day of February each year, you’ll need to distribute T4 slips to your employees and file them with the CRA if:
- You deducted CPP (Canada Pension Plan) contributions, QPP (Québec Pension Plan) contributions, EI (Employment Insurance) premiums, PPIP (Provincial Parental Insurance Plan) premiums, or income tax.
- You paid an employee more than $500.
Note: You’ll need to provide your employees with a T4 form for each province or territory they worked in for your company.
For 2018, the deadline for completing your T4 slips is February 28, 2018.
If you’re not sure how to report a specific benefit or amount on the T4 slip, consult an accountant or the CRA.
The following list of resources contains detailed instructions on how to create and file T4 slips, based on which version of QuickBooks Payroll you are using:
- T4s and QuickBooks Online Payroll
- T4s and QuickBooks Online Payroll Powered by Wagepoint
- T4s and QuickBooks Desktop Payroll
Tip: Before creating T4 slips, it’s a good idea to check that you have correctly entered your employees’ names, addresses, and social insurance numbers.
If any of your employees have had a name or address change during the year and you haven’t yet updated your QuickBooks company file with the new information, it’s important to make those changes now.
You may be asked for your Web Access Code during the T4 process. If you don’t yet have one, you can request one from the CRA website.
- Canada Revenue Agency (CRA)
- QuickBooks Online Payroll Resource Centre
- QuickBooks Online Advanced Payroll Powered by Wagepoint Resource Centre
- QuickBooks Desktop Payroll Resource Centre
We hope these tips have been helpful. Thank you for choosing QuickBooks Payroll to help you with this important area of your business. We wish you all the best of success in 2018.
QuickBooks Payroll Team