Every year, Canadian employees receive various tax slips from their employers and other payers. These forms summarize the income you earned, taxes withheld, and benefits received during the previous tax year. Employers are legally required to issue these slips by the end of February to give you sufficient time to file your income tax return accurately. Knowing which forms you should expect and what they represent helps you stay organized and ensures you report your income correctly.
Why Employers Must Provide Tax Forms by February
According to CRA regulations, employers must prepare and distribute tax slips to their employees and the Canada Revenue Agency (CRA) by February 28 of each year. This deadline helps taxpayers gather all necessary information to meet the April 30 filing deadline (or June 15 for self-employed individuals). Late or missing slips can delay your filing or lead to errors, penalties, and reassessments.
Common Tax Forms Your Employer Should Provide by February
Here are the main tax forms employers issue to employees by the end of February:
1. T4 Slip — Statement of Remuneration Paid
The T4 slip is the most common and essential tax form employees receive. It reports your total employment income and the amounts deducted for income tax, Canada Pension Plan (CPP), and Employment Insurance (EI) premiums.
- Box 14: Total employment income before deductions
- Box 22: Income tax deducted
- Boxes 16 and 18: CPP and EI contributions deducted
- Boxes 40 and 44: CPP contributions and union dues paid
- Other Boxes: Taxable benefits and allowances such as vehicle benefits, employer-paid insurance premiums, or taxable gratuities
2. T4A Slip — Statement of Pension, Retirement, Annuity, and Other Income
The T4A slip reports income other than regular employment wages, including:
- Pension and superannuation payments
- Retirement income fund payments
- Scholarships, bursaries, and research grants
- Self-employed commissions or fees paid to contract workers
- Other income such as payments from registered education savings plans (RESPs)
3. T5 Slip — Statement of Investment Income
If your employer or another payer has paid you interest, dividends, or other investment income, you will receive a T5 slip summarizing this income.
4. T2200 — Declaration of Conditions of Employment
While not a slip reporting income, the T2200 form is completed and signed by your employer if you are required to pay certain employment expenses yourself (such as work-space-in-the-home expenses or vehicle costs). This form is necessary to claim employment expenses on your tax return.
Other Employer-Provided Tax Slips You Might Receive
- T4E: Employment Insurance benefits paid during the year
- T4RSP: Withdrawals from Registered Retirement Savings Plans
- T4RIF: Withdrawals from Registered Retirement Income Funds
- T5018: Payments made to subcontractors in construction (if applicable)
- T4PS: Income from specified pension plans
What To Do If You Don’t Receive Your Tax Forms by February
If you have not received your tax slips by early March, take the following steps:
- Contact Your Employer: Request copies of the missing slips directly.
- Check Your CRA My Account: Employers file slips electronically with the CRA, and you may be able to access them online.
- Notify the CRA: If your employer is unresponsive, contact the CRA for assistance.
- Estimate Income Carefully: If slips are delayed past filing deadlines, use your pay stubs or records to estimate income and deductions, and file on time to avoid penalties. Amend your return later if corrected slips arrive.
Why Accurate Tax Slips Matter
Tax slips form the basis of your income reporting and deduction claims. Errors or missing slips can:
- Lead to CRA reassessments and audits
- Delay tax refunds
- Cause penalties or interest charges
- Complicate filing and require amendments
Tips for Managing Your Employer Tax Forms
- Keep copies of all tax slips for at least six years
- Review slips carefully to ensure accuracy
- Report all income, even if slips are missing
- Use CRA’s Auto-fill My Return feature to import slips directly
- Consult a tax professional if slips seem incorrect or incomplete
Conclusion
Receiving your employer’s tax forms by the end of February is a critical step to preparing your Canadian tax return accurately and on time. Understanding which slips you should expect and their purpose helps ensure you meet your tax obligations and avoid delays or complications. Always keep your slips organized and contact your employer or the CRA promptly if you have issues obtaining the necessary documents.
