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T4 return tips for Canadian employers

By Sarah Stockdale
Reviewed by
January 17, 2014
5 minutes read

It’s that time of year again— each Canadian business owner needs to report employee income and deductions to the government in the form of a T4 slip. You will need to fill out a T4 if you have deducted CPP, EI, PPIP premiums or income tax from your employee’s wages, or if their wages are more than $500.

T4 slips are due to your employees by February 28th. It only takes a couple of minutes to generate T4 slips for your employees in Wave. At this time, we do not file your T4 return on your behalf, but we do make it easy for you to do it yourself!

Simply select the Taxes tab and select T4 Filing:

image 1 T4 return tips for Canadian employers

From there you will be able to see T4 slips for each of your employees. Please take a look through these forms to ensure you are not missing any fields. Then, scroll to the bottom and select the green Generate T4s and T4 Summary button.

image2 T4 return tips for Canadian employers

From here you will need to do two last things:

1. Print and distribute T4 slips to your employees before February 28th.

2. File your T4 return before the February 28th, 2014 deadline. To do this, you can file a paper return or an electronic return with the CRA. If you have any questions, check out the T4 section on the CRA website.

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with any paid add-on
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Payroll
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Hire a bookkeeper
additional fee
additional fee
Option to accept online payments
Starting at
2.9% + $0.60
per credit card transaction
Starting at
2.9% + $0*
per credit card transaction
for first 10 transactions/mo
Unlimited invoices, estimates, bills
Add your logo and brand colors
Automate late payment reminders
with online payments
Wave mobile app
Unlimited bookkeeping records
Dashboard and reports
Auto-import transactions
Auto-merge transactions
Auto-categorize transactions
Add users
Live-person chat and email support
with any paid add-on
Digitally capture unlimited receipts
additional fee
Payroll
additional fee
additional fee
Hire a bookkeeper
additional fee
additional fee
starter
Plan
$0
Legacy businesses
New businesses
pro
Plan
$16USD or
$20CAD/mo
starter
Plan
$0
Legacy businesses
New businesses
pro
Plan
$16USD or
$20CAD/mo
Invoicing + payments
Option to accept online payments
(and create unique links with checkouts)
Starting at
2.9% + $0.60
per credit card transaction
Starting at
2.9% + $0.60
per credit card transaction
Starting at
2.9% + $0*
per credit card transaction
for first 10 transactions/mo

Send invoices, estimates, and other docs:

  • via links or PDFs
  • automatically, via Wave
with online payments
with online payments
Automate late payment reminders
with online payments
with online payments
Add your logo and brand colors
Remove Wave branding from footers
Add attachments to invoices and estimates (NEW!)
Create reusable message templates (NEW!)
Invoice and estimate in the mobile app
Accounting
Unlimited bookkeeping records
Auto-import bank transactions
Auto-merge and categorize transactions
Add users to your business
businesses already auto-importing bank transactions and/or that already have users added to their businesses as of May 1, 2024
Digitally capture unlimited receipts
with receipts add-on
with receipts add-on
Manage accounting transactions in the mobile app and sync with desktop (NEW!)
with receipts add-on
with receipts add-on
Other Wave features
Dashboard and reports
Live-person chat + email support
with any optional add-on
with any optional add-on
Optional add-ons
Receipts
nothing changes
additional fee
included
Payroll
nothing changes
additional fee
additional fee
Advisors
nothing changes
additional fee
additional fee
Invoicing + payments
Option to accept online payments
(and create unique links with checkouts)
Starting at
2.9% + $0.60
per credit card transaction
Starting at
2.9% + $0.60
per credit card transaction
Starting at
2.9% + $0*
per credit card transaction for first 10 transactions/mo
Send invoices, estimates, and other docs via links or PDFs
Send invoices, estimates, and other docs automatically, via Wave
with online payments
with online payments
Automate late payment reminders
with online payments
with online payments
Add your logo and brand colors
Remove Wave branding from footers
Add attachments to invoices and estimates (NEW!)
Create reusable message templates (coming NEW!)
Invoice and estimate in the mobile app
Accounting
Unlimited bookkeeping records
Auto-import, -merge, and -categorize bank transactions
businesses already auto-importing bank transactions and/or that already have users added to their businesses as of May 1, 2024
Add users to your business
businesses already auto-importing bank transactions and/or that already have users added to their businesses as of May 1, 2024
Digitally capture unlimited receipts
with receipts add-on
with receipts add-on
Manage accounting transactions in the mobile app and sync with desktop (NEW!)
with receipts add-on
with receipts add-on
Other Wave features
Dashboard and reports
Live-person chat + email support
with any optional add-on
with any optional add-on
Optional add-ons
Receipts
nothing changes
additional fee
included
Payroll
nothing changes
additional fee
additional fee
Advisors
nothing changes
additional fee
additional fee

*While subscribed to Wave’s Pro Plan, get 2.9% + $0 (Visa, Mastercard, Discover) and 3.4% + $0 (Amex) per transaction for the first 10 transactions of each month of your subscription, then 2.9% + $0.60 (Visa, Mastercard, Discover) and 3.4% + $0.60 (Amex) per transaction. Discover processing is only available to US customers. See full terms and conditions for the US and Canada. See Wave’s Terms of Service for more information.

By Sarah Stockdale
Categories:

The information and tips shared on this blog are meant to be used as learning and personal development tools as you launch, run and grow your business. While a good place to start, these articles should not take the place of personalized advice from professionals. As our lawyers would say: “All content on Wave’s blog is intended for informational purposes only. It should not be considered legal or financial advice.” Additionally, Wave is the legal copyright holder of all materials on the blog, and others cannot re-use or publish it without our written consent.

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