It is once again time to prepare the T4s for your employees; these must be received by CRA by February 28. Internet filing of the T4s is a convenient way to complete this task. You will need the Web Access Code (WAC). The letter containing this information was sent out by CRA earlier this month. This letter should be retained for use in future years – WAC will no longer be issued each year.
There have been a few changes to taxable benefits in the last year. To find out the taxation of these benefits refer to the handy chart CRA has prepared. It is a great reminder of what is and is not taxable as well as whether CPP and EI withholdings are required.
Updating the current year records should also be done. Provide each of your employees with a new TD1 form so you know which tax rate to use. This is a great time to make a note of the maximum amounts for CPP & EI.
The Workers’Compensation annual report will be due shortly. The due date for this report will depend on your filing frequency. Generally, annual remitters must file this report late February or early March.
If you need assistance with any step along the way, give us a call at 604.949.0992 or email us.