The lipync feature allows you to share information from T3, T4, T4A and T5 slips, and import your slip information into a T1 return. See how it's done in this 12 minute video.
Prepare a T4 slip
Prepare a T4 slip as you normally would. Enter amounts on the slip such as employment income, CPP and EI contributions and income tax deducted. Close and save the file when done.
Prepare a T5 slip
Prepare a T5 slip as you normally would. Enter amounts on the slip. Close and save the file when done.
Publishing slips without printing
You can publish slips without printing them. Use the Publish button in the Data section of the Tools ribbon for this purpose.
Import the slip information into a T1 return
- You can either carry forward a T1 return from the previous year or open a current year return.
- The message in red that appears in the top left corner indicates that there is a T4 slip available for import.
- Click on the link to the slip (T4).
- TaxCycle opens an import dialog window. This window displays all the data in the slip along with the prior year data that has been matched with it.
- Click the Prepare tab in the sidebar. This information is now imported.
- Repeat these steps for the next slip (T5).
- If you make a mistake or you want to undo a step, press Ctrl + Z. You can also sign off on the message.
Read more about SlipSync