A successful year-end revolves around – no huge surprise – your year-end documents. So we’ve prepared this article to guide you through Wagepoint’s 2024-2025 review and submission periods, as well as some helpful tips to keep you on track.
You’ll use our Year-end forms workflow to generate your forms and, if you select electronic submission, file your forms as well.
You'll be able to view, edit and electronically submit your 2024 tax forms starting on January 6, 2025. Employers are responsible for filing their forms electronically or manually to the CRA on or before the last day of February 2025 to avoid penalties associated with late filings.
Wagepoint will only file the forms on an employer's behalf if the employer has completed the year-end workflow and submitted their forms for electronic filing. Any forms filed by an employer after the deadline will be subject to CRA penalties and Wagepoint will not assume any responsibility for these penalties.
1.
Verify employee details. A tiny mistake in an employee’s information can create headaches when submitting your year-end forms, especially if this happens for multiple employees at once. To keep your year-end smooth sailing, now is the perfect time to verify details for all active and terminated employees. Check for things like first name, last name, SIN, address and tax settings.
2.
Confirm employee portal access. Make sure that all of your employees are able to access their Wagepoint employee portals, where their T4s/T4As will be posted in 2024. Once you’ve
invited your team, ask each individual to test whether they are able to log in. No luck? Ask them to reset their password.
3. Prepare to fill out box 45 (Employee-Offered Dental Benefits). Starting in the 2023 calendar year, it is mandatory to indicate whether each employee or any of their family members were eligible for employee-offered dental benefits on December 31 of that year, to access any dental care insurance, or coverage of dental services of any kind, that you offered.
To prepare for this ahead of time, please review the “Box 45” section of
this government-provided resource, and make sure you know ahead of time which code applies to which employee.
You'll be able to select a default option for all employees, as well as edit the selection on an individual basis.
4. As per the CRA, the year-end reporting period only looks at pay dates that fall within the calendar year — January to December 2024. In other words, anything you want showing on your 2024 year-end documents must be processed in 2024 and have a pay date in 2024.
5. If you have payrolls that were processed outside of Wagepoint, you must enter the year-to-date amounts into the system in order for the wages and taxes to be included in your year-end reports. If these amounts were not added at the time that the employee was set up in the system, you will also be able to add these to the T4 during the review process.
6. Once your files are submitted, we will generate the final year-end forms in PDF format and make them available to your employees online through the employee portal within 48 business hours.
If you have active or terminated employees who don’t have access to their Wagepoint employee accounts online, you will need to print and physically mail or hand out their T4 / T4A. (You must also
request their written permission to use alternate methods of delivery like standard mail.)
Before Nov. 30, 2024Ensure you set up any employees or contractors who were not paid through Wagepoint but need a T4/T4A for 2024 before you run your last payroll for the year.
Dec. 24, 2024
The last date to process a direct deposit payroll for a pay date in 2024 if you are on a standard 3-day processing schedule. If you are unsure of your processing schedule, please reach out to support to confirm your schedule.
Dec. 27, 2024Updates to the payroll tax tables for 2025 will be completed within Wagepoint.
Dec. 27, 2024First date to process a direct deposit payroll for a pay date in 2025 if you are on a standard 3-day processing schedule. If you are unsure of your processing schedule, please reach out to support to confirm your schedule.
Dec. 31, 2024
The last date to process a manual payroll for a pay date in 2024 and issue paper cheques or e-transfers to pay employees. Your payroll must be processed by 12:00 pm ET.
Jan. 6, 2025
First date to generate and submit T4 and T4A reports for 2023 in Wagepoint.
Jan. 15, 2025 onward
Employees can begin accessing their individual T4 / T4A forms online through their Wagepoint employee portals. (This applies to companies that submit their year-end forms within Wagepoint, beginning on January 6. Please note that, due to CRA’s annual blackout dates, during which they do not accept electronic file submissions, the earliest that Wagepoint can start submitting your electronic forms is January 13, 2025. After January 15, employees will be able to access PDF copies of their T4 / T4A forms approximately 48 business hours after employers submit the forms within Wagepoint.)
Feb. 26, 2025
To avoid late penalties, we recommend that you complete any electronic submissions in Wagepoint by February 26 so you have enough time to ensure that everything is filed with the government and your employees on or before February 29, 2025.
Mar. 1, 2025 onward
If applicable, complete any amendments necessary directly with the CRA.
