How To Process T4 Tax Forms
What you need to know:
At the end of each payroll year, a T4 return must be submitted to the Canada Revenue Agency (CRA). If payroll has been processed using AgExpert Accounting, the system can generate both T4 slips and the T4 return. If you are filing electronically with the CRA, AgExpert Accounting will also generate the required XML file for upload.
What you need to do:
Ensure payroll has been completed for the tax year.
Complete all remittances for the tax year and enter remittance payment transactions.
Verify that employee information is accurate.
Verify that a dental coverage code has been assigned to each employee. This information is required for T4 reporting and flows directly to Box 45 on the employee's T4 slip.
Determine if you are filing electronically or by paper.
Have access to the Social Insurance Number (SIN) of business proprietor.
How to (Step by Step):
Assign a dental coverage code to each employee:
Click Payroll from the left menu.
Select Employees.
Click on an employee to open their profile.
Select Employment.
In the Benefits section, use the drop-down menu to select the appropriate Dental coverage that is being provided by your business to the employee.
Click Save.
Repeat for each employee.
Note: You cannot complete the T4 process unless all included employees have their dental coverage codes assigned.
Once all the employee profiles are up to date, you can generate the T4 return:
Use the drop-down menu to select the fiscal year in which the payroll year is ending.
Click Payroll.
Select Employees.
Click the box for each employee for which a T4 is needed.
Select Annual tax forms and choose Canada Revenue Agency.
Select the Filing method using the drop-down menu.
Use the drop-down menu to pick the correct Action: Original, Amend or Action.
Use the check boxes to indicate which forms you wish to include in the T4 batch.
Enter Proprietor 1 SIN, if not previously entered.
Note: The T4 process cannot be completed without the Proprietor 1 SIN.
If submitting online:
a) Enter a Submission reference number.
Note: The submission reference number is a number selected by yourself to reference this specific instance of submission.
b) Select a Language using the drop-down menu.
If you are filing online for another person or company, check the Filed by a representative box and enter the following:
a) Representative identifier (RepID)
b) Representative business # (RepBN)
c) Business program # (BN15)
Click Continue.
Note: AgExpert Accounting will generate a T4 for each employee selected as well as T4 summary for your business. If you are filing online, it will also generate an XML file for you to upload to CRA.
Click Download for each of the files needed.
Note: The employee T4s are all included in one file which you can print to distribute to your employees. The T4 summary is separate and can be printed if needed. The XML file is in a format required by CRA and will be unreadable.
If filing online, click File online to be taken to CRA’s website and follow the instructions there.
References and Additional Resources
For more information from CRA on T4 slips, please see: T4 slip – Information for employers - Canada.ca
Still have questions? Contact support
Contact us at 1-800-667-7893 or email support@fccagexpert.ca if you require additional support. You can find other help options under the Question Mark Icon in the top right of AgExpert Accounting at any time.