\n<\/p>\n
It\u2019s that time of year again; T4 Season!\u00a0 2024 T4 slips are due to be handed out to employees by February 28, 2025.\u00a0 The penalty for failing to distribute T4 slips to recipients is $25 per day for each such failure, with a minimum penalty of $100 and a maximum of $2,500.<\/p>\n
Your T4 slips also need to be filed with CRA by February 28, 2025.\u00a0 If you have 50 or fewer slips you can file them on paper, however CRA strongly encourages electronic filing if possible.\u00a0 If you have more than 50 slips to file, you must file them electronically. There are a couple of ways to do this:<\/p>\n
To submit this information electronically to CRA you can either use your Business Number with a Web Access Code (WAC) or you can log on to you My Business Account.\u00a0 If you don\u2019t have your WAC you can obtain one through CRA using this link<\/a>.<\/p>\n Your accountant can also assist with filing the slips electronically using their Represent a Client portal.<\/p>\n The penalty for filing these returns late can be even more costly than failure to distribute. See the chart below for more applicable penalties.<\/p>\n
Penalties for failure to file returns on time<\/strong><\/td>\n<\/tr>\n| Number of T4 slips\u00a0filed late<\/strong><\/td>\n | Penalty per day<\/strong><\/td>\n | Maximum | penalty<\/strong><\/td>\n<\/tr>\n<\/thead>\n\n 1 to 50<\/td>\n | $10<\/td>\n | $1,000<\/td>\n<\/tr>\n | 51 to 500<\/td>\n | $15<\/td>\n | $1,500<\/td>\n<\/tr>\n | 501 to 2,500<\/td>\n | $25<\/td>\n | $2,500<\/td>\n<\/tr>\n | 2,501 to 10,000<\/td>\n | $50<\/td>\n | $5,000<\/td>\n<\/tr>\n | 10,001 or more<\/td>\n | $75<\/td>\n | $7,500<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n | |