Yes, ABauman. The first payroll from January will be included in this year’s T4 slip. I'll provide the necessary details to help you accurately track and prepare your T4s.
Payroll earnings are reported based on the date they were paid, not when the work was performed. Therefore, the first payroll of January 2025 will be reported on the T4 for 2025, even if it includes hours worked in December 2024. This approach is consistent with cash-based accounting, where income and expenses are recorded when received or paid.
For more information on what needs to be reported in your T4 slip and deadlines for filing, please refer to the article: Prepare and submit T4 slips and T4 Summary in QuickBooks Online.
Additionally, I'll be sharing these resources that will guide you in recreating your T4s slips and how to run, print, and customize payroll reports in QuickBooks:
Should you require additional assistance with your payroll or have questions related to QuickBooks, please don't hesitate to reach out through this communication channel. We're here to help. Stay safe and take care.
