New T4 Slips

The Employer's Guide to filing the T4 slip has been released, together with the slip itself and the changes to be aware of are the following:

CPP Reform

- Employees under 65 who are receiving a CPP or QPP will have to make CPP contributions that will increase their CPP retirement benefit.

- Employees who are between 65 and 69 (inclusive) and are receiving a CPP/QPP will be able to elect to stop contributing to the CPP.

Reporting Change for Pensionable/Insurable Earnings

- These must now be completed on the T4 slip at all times

Volunteer Firefighters

- Exempt payments to volunteer firefighters (up to $1000) will now have to be reported using code 87in the ëother information' area of the T4.

Web Forms

As of January 2012, you can electronically file an original or amended information return of up to 50 T4 slips in a single submission using the CRA's Web Forms application. This service will allow you to:

- Create an electronic T4 information return;
- Validate data in real time, with prompts to correct errors before filing;
- Calculate the totals for the Summary;
- Print and save T4 slips; and
- Securely submit encrypted T4 information returns over the Internet.

For more information: T4 Web forms

T4 Statement of Remuneration Paid (slip)

RC4120 Employers' Guide - Filing the T4 Slip and Summary