If you need copies of your past or current tax slips, such as your T4 or other tax documents, you can request them from the issuer through the Canada Revenue Agency (CRA). Simply reach out to the CRA for assistance in obtaining your tax documentation, including notifications, reassessments, income proofs, or any other tax-related documents you may need.
Understanding the T4 Slip: Your Guide to Annual Earnings and Deductions
The T4 slip is a crucial tax document that provides a summary of your yearly earnings and deductions from your employment. Each year during tax season, employees receive their T4 slips, which contain valuable information about their income and are essential for filing taxes. This government document sheds light on how much you earned, and the deductions made throughout the year, ensuring accurate and efficient tax filing.
Understanding the T4 Slip: Your Key to Tax Filing in Canada
The T4 slip, officially referred to as the “T4 Statement of Remuneration Paid” slip, is a crucial document for Canadians when it comes to completing and filing their tax returns with the Canada Revenue Agency (CRA).
Although commonly known as the T4 slip, its official name highlights its purpose: to provide a statement of the remuneration paid to individuals. This government-issued tax form reveals important details such as your earnings and contributions to government programs like employment insurance (EI), the Canadian Pension Plan (CPP), and more.
By accurately reporting these figures on your tax return, you can ensure that you only pay the taxes you owe, helping you minimize your tax burden and fulfill your obligations with the CRA.
Understanding the T4 Slip: Who Receives It and How to Obtain It
If you are employed by a Canadian company, you will receive a T4 slip, which is a necessary document for filing your taxes. Your employer is also required to submit a copy of your T4 slip to the Canada Revenue Agency (CRA).
To obtain your T4 slip, you can obtain it directly from your employer. They may provide you with a physical copy in person or by mail, or a digital copy through email or their online payment platform.
Employers are obligated to issue T4 slips by the end of February for the previous tax year. For example, you should receive your T4 slip for income earned in 2021 by the end of February 2022.
If you do not receive your T4 slip on time, it is important to stay in contact with your employer. Verify your mailing address and request a reissuance if necessary to ensure you have the necessary documentation for your tax filing.
What to Do If You Haven’t Received or Cannot Find Your T4 Slip
It is a common issue for individuals who are late in filing their personal income taxes to recover missing or lost tax slips from previous years. However, retrieving them is relatively easy.
When your employer or payer issues you a tax slip, they also send a copy to the Canada Revenue Agency (CRA). You can use the online “My Account for Individuals” tool provided by the CRA to access copies of previous years’ returns. Alternatively, you can speak to a CRA agent at 1-800-959-8281. Make sure you have your Social Insurance Number and be prepared to answer security questions to verify your identity.
In many cases, we can generate tax slips on your behalf. You can also contact filingtaxes.ca and authorize them to work with the Canada Revenue Agency. There is no obligation to filingtaxes.ca for this service.
If all attempts fail, you can choose the final option of filing only one year of your tax return for which you have all the necessary information. Once assessed by the CRA, you can call them, and they will be able to identify you and provide any available information.
If you have concerns about revealing yourself to the CRA before filing, please feel free to call us first at 1-416-479-8532 to discuss your concerns.
For the current year’s tax slip, you must obtain it directly from your employer or issuer.
Important Notice: Penalty and Documentation for Tax Returns
It is crucial to include all necessary T-slips (income) on your tax return, even if the Canada Revenue Agency (CRA) already has a copy. Failure to do so may result in a penalty of 20% of the unreported income stated on the missing slip.
Please be aware that there are other documents related to your tax return that the CRA may not possess or provide, such as T2202As for tuition deductions, T5008s for specific capital gains and losses, and certain RRSP contributions. You may need to obtain these documents directly from the original issuer.
Medical expense receipts are not automatically available to the CRA. You can request annual tax printouts for the relevant years from your pharmacy or healthcare provider. However, it’s important to evaluate whether collecting these receipts is worthwhile, considering the magnitude of your expenses in relation to your income. It is recommended to seek advice from us or a tax specialist before taking any action.
If there are additional sources of income or expenses that need to be calculated, it is advisable to consult with us or another tax professional to ensure accuracy and compliance.