T4's are a summary of the amounts paid to and deducted from all of your employees for a calendar year. These must be given to your employees and filed with C.R.A. on or before the last calendar day of February for the previous year. If that day falls on a Saturday or Sunday or Statutory holiday, the deadline goes forward to the subsequent business day.
Practically, it is beneficial to give this information to your employees as far in advance of this date as possible, thus allowing them time to make decisions on the amount that they will contribute to their R.R.S.P.
A T4 or T4A will also need to be prepared for any amounts advanced to the owners, as unless the company owed you money, this draw is in the eyes of C.R.A. a "salary" which becomes taxable in your hands.
We will calculate this for you as part of our services. There may also be a need for T5 or other information slips and these will be prepared as required.
We will ensure that the:
- The T4's are prepared and distributed.
- A T4 Summary is prepared and submitted to C.R.A.
- T4A's and a T4A Summary are likewise prepared, if required.
- The EHT annual return is prepared and filed.
- The WSIB annual return is filed, if applicable.