February is upon us and the news from Pennsylvania is that Punxsutawney Phil saw his shadow this morning — which means six more weeks of winter. The other bad news is it’s time to file your 2011 T4’s and T5’s. A T4 needs to be completed and filed for each person you employed in 2014 by the end of the month. A T5 may also need to be filed but you need not worry about that as we are already on top of it.
We request that our clients submit any 2014 payroll records that we don’t already have on file. Payroll records are whatever you used to complete your calculations for each pay period (e.g. PDOC, QuickBooks file, Simply Accounting file). If you currently use the Accounting Payroll System, we will only need your 2014 payroll records for pay periods that haven’t been processed in our system.
The T4 filing deadline is February 29th. The CRA penalty for late filing for 1-50 slips is the greater of $100 or $10 per day late. We’ll need to receive complete records by February 14th to guarantee meeting the deadline.