Once your business has employees and pay payroll regularly, you have to prepare T4s for your employees and send them to CRA. T4 is a form that holds information of employee’s wages and taxes (income, CPP, and EI) withheld during the year.
T4 for the year is due end of February the following year. For example, T4 for the year of 2013 is due end of February 2014. Thus, you only process T4s once a year.
Before preparing T4s, make sure all employee information are complete and accurate – SIN, address, and birth date.

Here are the steps to prepare T4:

1.    Open Employee from Main Menu > Payroll Forms > Process T4:

QB Preparing T4 - 1

 

2.    Select employee name and review them by clicking Review bar:

 

QB Preparing T4 - 2



3.    Compare the above T4 with Payroll Summary Report in Reports > Employees & Payroll > Payroll Summary.

4.    When all numbers are correct, click OK, which will bring you back to Process End of Year Forms in step 1.

5.    Print T4s - you have to print one set of forms for:
•    CRA copies, which prints two employees per page,
•    Employer copies, which prints two employees per page, and
•    Employee copies, which prints one employee per page without showing business number.

Only with your employees’ consent, you have an option to email T4, which is password protected. And if you have less than 500 T4 slips, you also have an option to Efile them to CRA.