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

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

Juliet Aurora

About The Author

Juliet Aurora is the CEO of AIS Solutions and Co-Founder of Kninja Knetwork. Through both of these businesses she fulfills her mission to Educate and Empower those around her. In 2017, her firm was named Intuit's Global Firm of the Future, the first time the title has ever been awarded to any firm outside of the US. She has also has been named as one of the Top 50 Women in Accounting, one of the Top 50 Cloud Accountants and one of the Top 10 Canadian Influencers in the Bookkeeping Industry. Her passion for education is channeled through the Intuit Trainer Writer Network, hosting Kninja Knowledge Webinars and most recently, developing a Cloud Accounting Course for the next generation of accounting professionals.

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