T4’s And Personal Tax Season
Posted On: 16/01/18 - 0

Just before tax time, there is a T4 slip which will be issued to you. This is a relevant document to help you prepare your personal tax return.

What Is A T4 slip?

This is a tax document that is an annual summary of your employment earnings as well as deductions from your employer. Every year when tax season arrives, employees are presented with these T4 slips. As a taxpayer who worked for an employer, you will need to provide your employment income information to the Canada Revenue Agency when filing your personal tax return. Earnings included on your summary may include commissions, bonuses, taxable allowances, benefits, and retiring allowances. A T4 tax slip also provides income tax deduction information, employment insurance premiums, union dues, and charitable donations that arise from working for an employer in Canada.

You May Have Multiple Slips

Each employer should give you a T4 slip if you worked for them within the last tax year. You will receive slips if you are a salaried or hourly-paid employee. Depending on how many companies you worked for, you may have multiple T4s that you’ll need to submit as part of your tax return.

Not Filing Your T4 Return Can Be Costly For Employers

Not filing your T4 slips on time (for employers) can be costly. The maximum penalty varies depending on the number of employees you have. It can be as low as $100 or as high as $7,500. The penalty is also recalculated if T4 returns are added or cancelled.

Your T4 Includes Other Important Information For Your Tax Return

A T4 contains critical information such as the given tax year, the employee’s S.I.N., name, address and birthdate. Also, the employer’s name is on that slip along with their address too.

What Is The Filing Deadline This T4 Season?

The T4 filing due date is February 28th, 2023. Employers need to get the T4 slips out to their employees before or no later than the due date of the end of February. The CRA considers your T4 return filed on time if it received before or on the 28th.

If you are overwhelmed with trying to prepare your own tax return, or have been reassessed by the CRA, call our office. We specialize in both personal and corporate taxation.

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