063 | The T4 Slip
As an Employer, you must complete a T4 for every employee paid over $500 in the calendar year. It is the responsibility of the Employer to complete the form, provide a copy to the Employee and a copy to #CRA.
If you provide taxable group life insurance benefits, you must include every employee with the benefit, even if they were paid less than $500.
Here’s what the T4 looks like:
You can access the CRA form here.
How do you fill one out?
The T4 has multiple information boxes for an employer to fill in. Each box has a two-digit box number, a three-digit line number, and a label. You should report the gross income, not the net. That means all income before deductions.
For example, Box 14, Line 101 — Employment Income.
Some, like name and address, are self-explanatory. For full details on filling in the T4, check out the CRA guidelines. We will expand on some of these boxes, talk about the deadline and what to do if you make a mistake, in our next posts this month. Stay tuned!
Don't Forget the Date!
All T4s must be filed by the last day (28th or 29th) of February.
#bigrose #bookkeeping #t4 #payroll
