Time to issue your T4 and T5 slips and file WCB
If you need to file T4 and T5 slips make sure they are remitted by the end of February. If you don’t file your tax slips by the deadline you will incur late filing penalties. Make sure you properly claim your CRA remittances throughout the year and that your T4 Summary reconciles. If it doesn’t reconcile you may have made a remitting error throughout the year and the CRA will want you to fill out a reconciliation report. You may also trigger an audit so make sure you don’t make any mistakes on your T4 slips or T4 summary.
Annual WCB reports (Employer Payroll and Contract Labour Reports) are also due this time of year. The filing due dates for these reports vary so make sure you check the due date stated on the report you receive in the mail. Be sure to remove any excess payroll and covered subcontractors’ payments. These amounts are not assessable so you will be overpaying if you include them in the assessable payroll calculation.
If you need assistance we would be glad to prepare and file your T4 slips, T4 summary, T5 slips, T5 summary and WCB report. Call us at 778-298-2415 to book a free half hour consultation.
Solomon Nordine is the owner and president of Complete Accounting Solutions. Mr. Nordine is a Fellow Public Business Accountant (FPBA) and a United States Accountant.