And it’s that time again….T4 Filing in Canada

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tax time concept with sign post under blue sky The holiday season is now over and so we launch into January and April, which for business owners is T4 time.  It’s certainly not a fun time for a lot of employers, especially if they are calculating payroll manually throughout the year with the help of Canada Revenue Agency (CRA) calculators.  Even if you are using a software program like QuickBooks or Sage 50, it sometimes can be daunting.  But unfortunately, it is one of the responsibilities that falls upon businesses, large or small, when they have employees.

I wrote a couple of blog posts in previous years, which are still relevant, and so if you would like to refer to them, I’ve included links. My blog articles below are a little simpler to follow and more for overview purposes than what’s listed on the CRA website (in my opinion :)), but for your reference, I’m also providing the links to the CRA website at the bottom of the post.

What is a T4 Slip in Canada

Methods of Filing Your T4 Slips and T4 Summary

The deadline for distributing T4’s to your employees and filing your 2013 T4 Summary is Friday, February 28th, 2014.  CRA is very unforgiving if these are filed late, as you can see below.  The penalties are not only based upon the number of slips that you are issued, but are charged on a daily basis!  (Don’t we all wish we could do that Smiley Face)

Legislated late-filing penalties

Number of information

returns (slips)

Penalty (per day)

Maximum penalty

1 – 50

$10

$1,000

51 – 500

$15

$1,500

501 – 2,500

$25

$2,500

2,501 – 10,000

$50

$5,000

10,001 or more

$75

$7,500

And as you know, if you ever need help with filing your T4 slips, or processing your payroll throughout the year so that you don’t need to think about T4’s ever again, you know how to reach us Smiley Face

CRA Website Links for T4’s:

General Information and Overview Page

T4 Slips – When to complete, Customized T4 Slips, Completing and Distributing T4’s

How to Complete the T4 Summary

 

 

 

Copyright: ximagination / 123RF Stock Photo

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Juliet Aurora

About the Author:

Juliet Aurora is the President and CEO of AIS Solutions. She has been in the Accounting and Finance space for more years than she will ever admit. When she isn’t acting as the Sensei for her team of Bookkeeper Kninjas, you will find her working tirelessly to advocate the accreditation of bookkeeping in Canada. Her vision is for AIS Solutions to become the standard against which all other bookkeepers and bookkeeping firms are measured. Juliet can be contacted by email or by calling 1 888 575 5385.
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