Olympus E-M10 IV has a 20.0MP Four Thirds (17.4 x 13 mm ) sized CMOS sensor and features TruePic VIII processor. On the other hand, Canon 500D has a 15.0MP APS-C (22.3 x 14.9 mm ) sized CMOS sensor and features Digic 4 processor.
Olympus E-M10 IV's sensor provides 5MP more than Canon 500D's sensor, which gives a significant advantage in real life. You can print your images larger or crop more freely.
On the other hand, please keep in mind that Max sensor resolution is not the only determinant of resolving power. Factors such as the optical elements, low pass filter, pixel size and sensor technology also affects the final resolution of the captured image.
Below you can see the E-M10 IV and 500D sensor size comparison.
As seen above, Canon 500D has a 1.5x Larger sensor area than Olympus E-M10 IV. Larger sensors give photographer more control on the depth of field and blurry background compared to smaller sensor when shot in same focal length and aperture.