How to generate a T4
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How to generate a T4
Wave offers the ability to generate T4 slips for all employees, as well as a formatted T4 file, so that you can e-file with the CRA.
Note: you must currently be paying the payroll base fee in orde...
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Does this mean we don't have to physically submit anything? All we have to do is generate it online then give a copy to our employees and keep a copy? We don't have to mail it out to CRA?
Hey @Cynthiaaa , we do not submit the T4s to the CRA on your behalf, which means that you will have to submit this form yourself.
How do I add previous year's auto standby charge so it can be included on an employee's 2019 T4? I found where to add it but it does not appear to allow me to date it in 2019. This charge is calculated after Dec 31 was I was unable to add it during the final pay period of 2019. How do I add it now?
Hey @Connie Typically for Wave Payroll, years do lock to ensure that the tax form is not able to be tampered with after it has been generated. In saying this, our Payroll Support Team can help with making some changes to your employee's T4s in Wave. Feel free to shoot us an email, and the team will get back to you as soon as they can!
Hello.
I need to generate T4s for my employees for 2020 now.
2020 does not have any options to continue in the Tax forms sections and the system indicates that I cannot generate T4s until Jan 1 2021.
I have laid off all my employees and I want to generate the T4s for them for 2020 since we may not open again.
Regards
Hey there @George_Papa
First off, let me sincerely apologize that your business was affected by the Covid-19 pandemic. Know that our team is here to help you through this tough time!
Our payroll team does not submit tax forms until the top of the following year in Wave. You may want to file a ticket about this unique request to the payroll support team, however I don't believe our system allows for tax forms to be generated early as our tax team typically submits these to the IRS/CRA during the tax season for the following year. Good luck and let us know if you have any other questions with regards to your account.
Do employees have access to their T4s through their Wave employee portals?
Hey @David_in_Edmonton , employees do indeed have access to their T4s but they must first be generated on the employer side under Payroll > Tax Forms. Once they've been generated your employees should be able to access them.
Thanks @AlexL. Can do.
Is this a new process? I don't recall having to do much of anything last year.
Hey @David_in_Edmonton !
I just confirmed with our Payroll team that this process was the same for previous years as well.
Employers are always required to generate their own T4s in Wave. Once generated, the form will then become available for employees in their own Wave accounts. Employers are also required to file with the CRA themselves and this has not changed either. I hope this helps!
Once you generate T4 slips for employees and file XML file with CRA. Is there another step to perform in order to be compliant with CRA?
Hey @Babel , you'd be best reaching out to an accountant or CPA so they can advise you on exactly what your business needs to file with the CRA.