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This is important because an incorrect SIN can affect an employee’s Canada Pension Plan or Quebec Pension Plan benefits. This fine is based on the number of T4s you file late and can range from a minimum of $100 to a maximum of $7,500.īefore you even begin to file a T4, double check to make sure that you have correctly entered the employee’s name, address, and Social Insurance Number (SIN). The failure to distribute T4 slips on time can come with a hefty fine. If the due date falls on a Saturday, or a Sunday, your return is due the next business day. In all instances, you have to file your T4 information return on or before the last day of February following the calendar year that the information return applies to. For more specific information on the boxes included on the form, you can consult the CRA’s Employers' Guide – Filing the T4 Slip and Summary.
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Generally speaking, most taxable income, benefits, allowances, deductions, and pension plan contributions are included on the T4. This valuable form reveals how much an employee earned during the year, and how much was withheld and remitted to the Canada Revenue Agency (CRA) on the employee’s behalf. The T4 tax form, which is also known as the Statement of Remuneration Paid, is a form that employees need to file their taxes. If you’re scrambling to get everything done by the deadline, we’ve put together some helpful last-minute tips for filing T4s to get you to the finish line.
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In the interim, for additional assistance, please contact any member of our National Tax or Labour & Employment teams.T4 season is in full swing and that means some long days (and nights) for bookkeepers and accountants. Watch our Navigating New Realities and Possibilities - Hub for Business Leaders and McCarthy Tétrault Employer Advisor and Tax Perspectives blogs for further updates. We are continuing to monitor these and other changes to the COVID-19 economic response plan. The CRA announcement is available here.įurther information about the recent updates to the CEWS is available in our McCarthy Tétrault Tax Perspectives blog here. All employers will be required to report separately all employment income and retroactive payments made to employees in four defined periods in 2020 using new information codes corresponding to the defined periods, regardless of whether the employer or employees received benefits under the CERB, CEWS or CESB.
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The Canada Revenue Agency (“CRA”) recently announced that employers will be required to comply with additional T4 reporting requirements for the 2020 tax year to help the CRA validate payments made under the CERB, CEWS and CESB.