checklistThere are a number of tasks to complete when wrapping up the calendar year for your business, among them are filing the T4s and WCB return.Don’t panic, you have until February 29th to file but payroll remittances for 2011 must be remitted by January 16, 2012 (date extends to Monday when the 15th falls on a weekend).  Short remittances are subject to penalties so it is a good idea to reconcile your payroll before sending the December payment.

T4s may seem like a simple thing to do so why not tackle this on your own and save the accounting fees?  Every year we spend needless time correcting mistakes made by clients who attempted this seemingly easy task on their own.  The penalties and interest from Canada Revenue Agency were far greater than the accounting fees would have been if we had filed the returns for them in the first place.  On average, when we have prepared the year end, the fees to file the T4 are about $200 or less (depending on the number of employees).  Do what you do best – and hire out the rest!