T4 Slips: How and Why to Preview T4 Slips

Take advantage of previewing your T4 slips now to make sure you’ve entered correct wages, benefits and employee information for 2020. Learn what information to review and how to resolve mistakes now, in order to ensure a smooth year-end.

At a glance


What is a T4 preview?

Available November 1st, the T4 slips are a preview of what your employees’ T4 slips will look like based on pay and benefits issued so far in 2020. This allows you to review the wage, tax, employee and business details to ensure forms are filed accurately, without the need for corrections later on.

The information you view in the T4 preview reflects current year-to-date payroll information on the day you preview it. If you’ve approved a payroll with a payday in the future, the pay and benefits it includes will appear on previews generated after the payday has passed.


How do I preview my T4 slips?

The preview contains 2020 T4 slips for each of your employees, and your 2020 T4 Summary. It reflects only wages and benefits paid up to the date it is generated. Do not use these forms for filing. The final versions will be available in January 2021.

  1. Under Payroll > Click Tax Forms
  2. Click Download Preview

Important dates

November 1, 2020: T4 previews are available! Be sure to review your forms early to make sure your year-to-date entries are accurate and finish the year strong.

If you were eligible for the Ten-percent Temporary Wage Subsidy for Employers you may be required to submit Form PD27, regardless of whether or not you used the subsidy. This should be submitted prior to submitting your 2020 T4 slips and summary to the CRA.


Verify that your employees' wages, benefits and personal information is correct

Are all employees paid within 2020 reported (even from before Wave)?
Are all wages reported accurately?
Are all benefits reported accurately?
Are all Social Insurance Numbers accurate?
Are Canada Pension Plan contributions and Employment Insurance premiums accurate for eligible employees?

 

Reminder: The maximum annual employee CPP contributions in 2020 is $2,898.00. The maximum annual employee EI premium amount is $856.36.


Need to make a correction?

During the T4 preview period you can correct employee names, addresses, and SINs directly in your Wave account. Here's how:

  1. Under Payroll > click Employees
  2. Select the Employee
  3. Click Personal information

Need to enter a benefit enjoyed during 2020?

If you are missing a benefit, and have yet to run your final 2020 payroll, you will be able to add it to payroll before the end of the year. To do this, go to the employee profile > click Benefits & Deductions

If you're missing a benefit and cannot add it to a future payroll in Wave, please contact our Support Team as soon as possible. Please include the employee name and the benefit or deduction name, amount and quarter it was enjoyed in.

Once changes have been made to a T4 preview slip, it will need to be regenerated in Wave. In your Tax Forms tab, select Discard and Start Over to view updated previews of your forms.


Register with the CRA for a Web Access Code

Before you file your T4s with the CRA, have your documentation ready. You will need your payroll business number and your Web access code.

What is a Web access code? A Web access code is a personalized code that is associated with your account number. Your Web access code contains two letters and four numbers. It is case sensitive. A Web access code is required to electronically file payroll information returns with the CRA. Learn more about CRA Web access codes here and obtain your Web access code online here.

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