Year End 2023-2024 FAQ – Wagepoint

Where can I find the Year-End Survival KITs for 2023?

What can I do to prepare now?

Check out these two articles on the Wagepoint blog for best practices:

Do I qualify for tax-form generation in Wagepoint?

If you have run at least 2 payrolls with 2023 pay dates, you qualify for Wagepoint to auto-submit T4s on your behalf! This covers all employees, even if the employee was not on 2 payrolls.

If you have not processed at least 2 payrolls with 2023 pay dates, you do not qualify. The auto-submit toggle will be greyed out and you will not be able to toggle it on or off.

How do I manually file my taxes outside of Wagepoint?

The CRA offers some helpful resources:

How can I ensure that my auto-submit toggle is turned on or off in my account?

1. Go to Settings > Account settings.

2. Under Company settings, locate the toggle labeled Auto-submit tax forms.

3. Indicate your Auto-submit tax forms preference:

Yes: If the toggle is set to Yes on 11:59 pm ET on February 18th, 2024, then we will electronically file the tax forms on your behalf.
No: If the toggle is set to No on 11:59 pm ET on February 18th, 2024, we will not file the tax forms on your behalf.

What is the deadline for adjustments to year-end documents? Are there any exceptions to this deadline? When can I review and edit my tax forms?

T4s will be loaded in Wagepoint starting on January 2nd, 2024, until February 18th, 2024.

Adjustments to year-end documents must be completed by 11:59 pm ET on February 18th, 2024, in order for them to be included on tax forms. On February 19th, 2024, if auto-submit is enabled, the forms will be submitted as is.

Once your files are submitted, we will generate your final year-end forms in PDF format approximately 48 hours after they are filed. The reports can be accessed by navigating to Reports > More > T4 or RL1 Files.

Important! There is no wiggle room for late submissions and the pay dates must be 2023 dates at the time of submission to ensure the correct tax tables are used to calculate the payroll. If you submit with a 2024 pay date, the 2024 tables will have been used to calculate taxes.

How can I edit a T4/RL1 or T4A form?

In your Year End Review tab, you can edit each T4/RL1 or T4A. When you edit an individual's tax form, it will automatically update the T4/RL1 and T4A Summary as well.

How do I fill out Box 45 on T4s?

We will be providing you with a drop-down menu located on the Company tab. In the Payroll Details section, there will be a drop-down menu that will allow you to select the appropriate code for Box 45(T4) and/or Box 015(T4A) based on your company's offerings. This will update all the tax forms(T4/T4A) at once so you do not have to update your employees individually. The field will be available to edit when the year-end review period opens.

For further information on Box 45(T4) and Box 015(T4A) please see the Canada Revenue Agency's article about T4 Slips.

During the year end review process, if I make profile changes, will they be reflected on the tax forms?

Any changes you make to an employee's profile will not be reflected on the Year End Review tab. For example, if you update an employee's SIN in their Wagepoint profile, it will not update it on the loaded form.
Any required changes must be made on the Year End Review tab.

Why can’t I print the T4s? How do I send the client the T4s to review?

The preview T4s are not available for print or download. They can be reviewed in the application on the Year End Review tab. PDF copies are accessible through Reports > MORE > Year to Date, however, any edits made on the Year End Review tab will not be reflected on these PDFs.

How can I view the data in a spreadsheet?

1. Go to Reports > MORE > Reports Library.
2. Select T4/T4A/RL1 DATA EXPORT Report.

The T4/T4A/RL1 DATA EXPORT Report can be used all through the year and will update as payroll is processed. If there are edits made to the T4s, this report will update as well

When should I process my year-end bonus runs?

To ensure that year-end documents reflect your bonus amounts, please process any bonus payroll runs:

Direct deposit – On or before 12 pm ET on December 22, 2023 so that it is paid before January 1, 2024.
Cheque or e-transfer – On or before December 29, 2023 so that it is paid before December 29, 2023.

Note: the above dates are for a standard three-day processing schedule. If you are unsure what schedule you are on, please contact support.

Can I add an employee to Wagepoint to have a T4 made?

Yes, as long as you are still running payroll in 2023. Please add the employee and run a payroll with 2023 dates by December 30th, 2023.

If there is no payroll finalized in the system before the end of the year, then the tax form will not be created. Employees not entered prior to the final 2023 payroll processed in Wagepoint cannot have a T4 generated in Wagepoint. You will need to do that outside of Wagepoint and submit to the CRA separately.

Does Wagepoint send my RL1 Summary to RQ?

The RL1 Summary is not sent to the RQ by Wagepoint. If you have an RQ number and employees of Québec, be sure to file your RL1 Summary electronically or print, sign, and physically mail or courier the RL1 Summary report to Revenu Québec to arrive on or before February 29th, 2024. We generally recommend that you send by courier so you have confirmed that it was received on time by the RQ.

Note: Ensure you complete all sections of the RL1 summary, including Section C, to avoid any penalties.

My employee has two tax forms, what do I do?

If the employee has two employee profiles with year-to-dates, the system will produce two tax forms. You must move the amounts into the T4 you want to keep by editing under the Year End Review tab, then zero out the T4 you do not want us to file. Please reach out to support to let us know to remove your zero'd out report from the system.

Note: If an employee worked in two provinces or your company has a reduced EI rate, a separate tax form is required for each province of employment or RP number.

Can I submit my tax forms early?

Yes. On January 2rd, the T4s are loaded under the Year End Review tab and there is an option to Submit Early. Once clicked, the T4s will be submitted to CRA. Beginning on January 9th, employees/contractors will be able to access PDF copies of their tax forms. Forms become available approximately 48 hours after the submit button is clicked.

If you do not click the Submit Early button, the tax forms will be locked down on February 20th and we will begin sending them electronically to the CRA.

Do you mail out the tax forms to my employees?

No, we do not. Employees will find their tax forms in their employee portals.

We will send an email notification to employees with active portals and email notifications enabled to let them know their tax form is ready to view/download at the end of February.

I submitted early and noticed a mistake, can I open the Year End Review tab to edit again?

No, we cannot re-open the Year-end Review tab once the Submit button has been clicked. If you notice an error afterward, the form can be amended after March 1, 2024, by Wagepoint. If you would like to amend the form sooner, you can accomplish this with the CRA directly through your CRA business account.