95 per cent of employees open to receiving T4s electronically: Survey
Employers could save $100 million each year by issuing employees’ T4s electronically, according to the Canadian Payroll Association (CPA).
While more than 98 per cent of Canadians are paid using technology, paper burden still prevails for Canada's 1.5 million employers, which annually administer nearly 27 million T4s.
At an estimated cost savings of $5 per T4, employers could save over $100 million annually by only issuing paper T4 slips for the remaining employees who request a paper copy – at no cost to the government, according to the CPA.
A CPA survey of more than 5,600 employees in September 2016 showed that 95 per cent of employees prefer or are neutral to receiving T4s electronically.
"The 2017 Federal Budget offers a great opportunity to provide employers with the legislative change to provide electronic T4s to employees as the standard practice, rather than paper," says Patrick Culhane, CPA’s president. "This change would negate the need for distributing and storing millions of paper T4 slips for employees who do not require a paper copy and could provide employers annual savings of over $100 million."
Currently, 84 per cent of Canadians file their taxes online, said the CPA.