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 order to receive T4 reports.
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 your employer summary and the T4 information for each of your employees.
Wave allows you to take advantage of the CRA's e-filing option, which requires us to collect a few additional pieces of information.E-File Transmitter Info:
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
Note: The "E-File Transmitter Info" (full name and address details) should be those of the person filing the T4. The "Contact Information" (full name and phone number) will appear on your T4 Summary and should be for the person who can answer questions about the return, if CRA needs to get in touch. - If there is any information missing, you will see a red notification to "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 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.
Additional details:
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. T4 amounts are based on the cheque date.