If you have employees, you’re required to prepare and file T4 slips with the CRA each year. Here’s a clear walkthrough of the process.
What Is a T4?
A T4 — Statement of Remuneration Paid — reports an employee’s employment income, income tax deducted, CPP contributions, and EI premiums for the calendar year.
What You Need
- Each employee’s SIN
- Total employment income (Box 14)
- Federal income tax withheld (Box 22)
- CPP contributions (Box 16)
- EI premiums (Box 18)
- Any taxable benefits (vehicle allowances, group insurance, housing)
- Your CRA Business Number with payroll account (ending in RP)
Deadlines
- T4 slips to employees: Last day of February
- T4 Summary to CRA: Same deadline
- Electronic filing required for employers with 6+ slips
How to File
Option 1: CRA My Business Account
Use the T4 Web Forms application to enter slip data and submit electronically. Recommended for small employers.
Option 2: Payroll Software
QuickBooks, Wagepoint, ADP generate and submit T4s automatically.
Option 3: Through CMP Accounting
We prepare and file T4s as part of our payroll and bookkeeping services — accurate, on time, employees get their copies promptly.
Common Mistakes
- Missing taxable benefits — Vehicle allowances and employer-paid insurance must appear on the T4
- Incorrect CPP/EI amounts — Must match what was actually remitted
- Wrong SIN — Causes problems for both the employee and CRA matching
- Filing late — $25/day up to $2,500 per late filing
Need help with T4 preparation? CMP Accounting handles payroll year-end for businesses across Ontario.