Wave enables you to create T4s for all your employees and take advantage of the CRA's e-filing service.
Note: you must currently be paying the payroll base fee in order to receive T4 reports. Learn more about activating your Payroll account here.
To generate a T4:
- Click on the Tax Forms under the Payroll section of the left hand navigation panel.
- If you see that your T4s are ready, click Generate under Actions
- This will open up your employer summary and the T4 information for each of your employees.
Wave takes advantage of the CRA's e-filing option, which requires us to collect a few additional pieces of information.
If you are an accountant using Wave to submit T4s on behalf of a client, select I am a service provider submitting returns for others.
If you are the business owner, select I am submitting my return
- If there is any information missing, you will see a red notification message saying Fix Missing. You will not be able to continue until you fill in the missing information.
- When you're certain all of the information is correct, click the Generate T4s & T4 Summary button.
- This will bring you to a screen with a short to-do list to complete your T4 filings. Download the T4s as outlined and distribute them to your employees. Download the XML file for internet file transfer and upload it to the CRA website as outlined here.
If an employee informs you of an error with their T4, you can correct certain problems by clicking Discard current form and start over in Step 1.
No T4 summary is required with internet file transfer as the CRA performs the reconciliation automatically.
You must give your employees their T4 slips for the previous year by the last day of February. For example, you must give employees their T4s by February 29, 2020 for any time they worked for you in 2019. T4s are based on the cheque date.