What are T4 slips?

T4 slips: T4 slips, often referred to as T4 Statements of Remuneration Paid, are tax forms used in Canada. These slips are issued by employers to their employees to indicate the amount of income they earned during a tax year, along with the amount of federal and provincial taxes, Canada Pension Plan (CPP) contributions, Employment Insurance (EI) premiums, and any other deducted amounts. T4 slips are essential for employees when filing their annual income tax returns with the Canada Revenue Agency (CRA), as they provide the necessary information to assess their tax liability or refund eligibility. Employers are required to provide T4 slips to their employees by the end of February each year for the income earned in the previous calendar year.