It is recommended that these steps be taken before preparing the December 31 payroll and submitting payroll taxes for December:
Completing T4 Reports
T4 reports are issued for each employee no later than February 28 of the following year. T4 & T4 Summary forms (fillable) can be found on the CRA website www.cra-arc.gc.ca under Forms & Publications.
Complete T4’s by calculating the amounts for each employee and recorded them in the appropriate boxes. See T4 Boxes below for breakdown of amounts.
Sage Accounting users can print T4 and T4 Summary directly from accounting system.
Note: For those employees who claimed the CRD, Box 26 must be adjusted correctly. The amount reported in this box should be the total amount reported in Box 14 less the total CRD claimed for the year. If Box 26 is not reported correctly a PIER Report will be issued requesting payment of CPP.
** Box 30 is completed ONLY when a residence is provided by the church (ie a parsonage or manse). The market value of the residence is to be added to the Employment Income in Box 14 and in Box 30. This box is NOT to be completed when the CRD is calculated based on the residence being owned or rented by the licensed minister.
The amounts on the T4 Summary report are based on the actual T4 slips, not on the amounts remitted during the year. Total amounts reported in each box on T4’s and report in corresponding box on T4 Summary.
T4 & T4 Summaries are to be provided as follows:
Sage Accounting Users
Training videos and Help Sheets are available at the following links: