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Have your T4 slips arrived yet?

By | Feb-28-2011 | Blog, General Tax

Though many people choose to procrastinate about their tax return, there are those who are just waiting for their slips to come in so they can file their return. It is usually the people who are expecting a refund. And one of the biggest slips everyone waits for is the T4.

Its official name is the Statement of Remuneration Paid. It outlines your gross salary amount as well as the income tax deducted during the year. There are also boxes for items such as union dues, charitable donations made through payroll deductions, and EI insurable premiums and pensionable earnings.

There is a great deal of information on one slip and it is important that you capture it all when you complete your tax return. Do not attempt to complete your return unless you have all your T4s for 2010. Employers are required to register T4s with the Canada Revenue Agency so there is a record. And you can’t just claim it on your 2011 return next year. The T4 has to be used in the right tax year.

If your company went bankrupt last year, you should receive a T4 from the trustee. If your employer fails to provide you with a T4 in time to file your taxes, you can use your last paycheque receipt from 2010. But this is not ideal.

Income can be reported on a number of different T slips. You receive a T4A if you have pension, retirement, annuity or other income. If you are receiving Old Age Security, you will receive a T4A(OAS), while a T4A(P) is for Canada Pension Plan Benefits. For Canadians receiving employment insurance last year, you will receive a T4E. And if you withdrew money from your RRSP in 2010, there will be a T4RSP.

Reporting all your income is a requirement of filing your tax return. If the CRA finds that you failed to declare your income on your tax return, you could be facing penalties and interest. So wait for your slips to come in before you file.

 

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4 Comments
  • How do you get older t4 slips from the government nowadays? You had to jump through hoops years ago to get them, now I have no clue.

    Need to file back taxes from 2008 and don’t have a lot of time to be running around to try to get them all.

    Comment by John — August 24, 2011 @ 9:14 pm
  • John – There are a couple of options. You can call the Canada Revenue Agency at 1-800-959-8281 and request the slips. It usually takes up to two weeks to receive them by mail. If you live in a city with a CRA office, you can go in person and usually receive them the same day. If neither of those options work, then you can call the CRA and ask them for the information on your T4 slip over the phone but you need to make sure you get all the information you need to complete your tax return. Thanks, DM

    Comment by Editor, TaxTalk — August 26, 2011 @ 1:47 pm
  • My previous employer is delaying giving out t4s is there anything i can do?

    Comment by Mark — March 1, 2013 @ 7:10 pm
  • Mark – you can contact the Canada Revenue Agency at 1-800-959-8281 and see if the T4s have been registered. You can also make a complaint to the CRA. If they continue to delay and the tax deadline approaches, you can use your last paystub as a last resort. It may not have all the information you need to file correctly though. You should paper file and include a note to explain why you are using your paystub rather than your T4. But this is only as a last resort. ~CH

    Comment by Editor, TaxTalk — March 6, 2013 @ 4:52 pm

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