• T4 Slip


    T4 Slip  


    What is T4 Slip? 



    T4 Slip is a form which shows workers pay that is wages paid and taxes withheld from an employee. T4 Slip must be completed by an individual to report the followings


    • Salary or wages
    • Tips or gratuities
    • Bonuses
    • Vacation pay
    • Employment commissions
    • Management fees
    • Taxable allowances or benefits
    • Deductions withheld during the year
    • Pension adjustment under RPP (registered pension plan) or DPSP (deferred Profit sharing pension plan).

    When is T4 Slip Required?


    T4 Slip must be completed by an individual who received any of the following remuneration during a year

    • CPP/QPP contributions, EI premiums, PPIP premiums, or income tax
    • If the remuneration was more than $500.
    • If employees are provided with taxable group term life insurance benefits, T4 slip is compulsory even if total remuneration in a year is $500 or less.
     

    How are T4 slips Filled?



    One can manually fill them and send them to revenue Canada or you can use SimplePay. If there are more than 50 slips, it is required they must be filled electronically. SimplePay provides you electronic filling of T4 Slips. 

    T4 slips in SimplePay

    Beginning of every year SimplePay automatically fill T4 slips for you with just few clicks all the calculations and records automatically calculated with precision and accuracy.

    T4 Slip Deadline:  

    T4 Slip deadline for 2011 is February 29, 2012. Employers need to prepare T4 slips of 2011 before this deadline to avoid penalties from revenue Canada  


    Customized T4 Slip

    For those which complete large number of T4 slips can customize their T4 slip but for that you must approve your customize T4 Slip from CRA   

    Guide Lines for Completing T4 Slip

    Following guidelines can help you for filling T4 Slips  

    • All the amounts should be in Canadian Dollars in your T4 slip
    • Do not use dollar sign $ for currency  when completing T4 slip
    • Do not use dashes or hyphens in names or numbers when completing T4 slip
    • If you don't have to enter amount in any box of your T4 slip leave it blank. Do not write NA or Nil 


    How to complete T4 Slip?


    Following instructions can help when completing T4 Slips

    1)    Year in T4 slip
    Enter 4 digits of the year of which you are completing T4 slip

    2)        Box 10 of T4 Slip - Province of Employment
    Enter abbreviations for the Province of Employment e.g. ON for Ontario in this box of T4 slip

    3)        Box 12 of T4 Slip - Social Insurance Number
    Enter 9 digit of SIN. If you don't have your SIN enter nine zeroes in this box of T4 slip

    4)        Box 14 of T4 Slip - Employment Income 
    Enter total employment income before any deductions in this box of T4 slip

    5)        Box 16 of T4 Slip - Employees CPP 
    Enter the amount which you have deducted from your employee for the contributions of Canada pension plan (CPP) in this box of T4 slip  

    6)        Box 17 of T4 Slip - Employees QPP
    Enter the amount which you have deducted from your employee for the contributions of Quebec pension plan (QPP) in this box of T4 slip

    7)        Box 18 of T4 Slip - Employees EI premium 
    Enter the amount which you have deducted from your employee for the EI premiums in this box of T4 slip

    8)        Box 20 of T4 Slip - RPP contribution 
    Enter the amount which employee contributed for the Registered Pension Plan in this box of T4 slip

    9)        Box 22 of T4 Slip - Income tax deducted
    Enter the amount of total income tax which you have deducted from your employee in this box of T4 slip  

    10)      Box 24 of T4 Slip -- EI insurable earnings
    Enter the total amount which you have used to calculate the employee's EI premiums in this box of T4 slip

    11)      Box 26 of T4 Slip - CPP/QPP pensionable earnings 
    Enter the CPP/QPP pensionable earnings in this box of T4 slip

    12)      Box 28 of T4 Slip - Exempt from (CPP/ QPP, EI & PPIP) 
    Enter X for Exempted or leave this box blank if you have entered amount for CPP/QPP, EI and PPIP  

    13)      Box 29 of T4 Slip - Employment Code
    Enter the most appropriate employment code in this box of T4 slip

    14)      Box 44 of T4 Slip - Union dues
    Enter the amount of Union dues which you have deducted from your employee in this box of T4 slip

    15)      Box 46 of T4 Slip - Charitable Donations 
    Enter the amount of charitable donations which you have deducted from your employee in this box of T4 slip

    16)      Box 50 of T4 Slip - RPP or DPSP registration number
    Enter the7 digit RPP or DPSP registration number in this box of T4 slip

    17)      Box 52 of T4 Slip - Pension Adjustment
    Enter the pension adjustment amount in this box of T4 slip

    18)      Box 54 of T4 Slip - Payroll account number
    Enter the 15 character payroll account number in this box of T4 slip  

    19)      Box 55 of T4 Slip - Employer's PPIP premiums
    Enter PPIP premiums that you have deducted from your employees working in Quebec in this box of T4 slip

    20)      Box 56 of T4 Slip - PPIP insurable earnings
    Enter total amount used to calculate PPIP premiums of your employees working in Quebec in this box of T4 slip

    21)      Other Information at bottom of T4 Slip
    Enter information of codes and amounts at the bottom of T4 slips       




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