No. In a legal sense it would be a gross misrepresentation, as the CRA takes the distinction between employee and contractor quite seriously. In a practical sense, the company that issued the T4 would have to amend the ROE, delete the T4, void all the paycheques, true up the source deduction remittance, and cut a new cheque to the new corporation. That would bring in payroll, accounts payable, and most likely a senior financial type. No payroll department I've ever seen would even entertain it, and the senior finance person would put a stop to it anyway for the first reason I mentioned.
