The deadline for completing and filing your T4s, T5s and T4as with Canada Revenue Agency (CRA) is fast approaching. By March 2,2020, the CRA requires all forms of remuneration paid out during the calendar year by your corporation to employees or shareholders to be reported using the appropriate 2019 T4, T5, or T4A information slip.
Let us help!
If you require assistance with preparation of your information slips, please do not hesitate to contact our office. We’d be happy to prepare the information slips on your behalf. To do so, we will require the following information:
1. The first and last name of all employees;
2. The social insurance number for all employees;
3. The birthdate for all employees;
4. The mailing address for all employees;
5. Payroll records indicating gross pay and all payroll deductions (including but not limited to CPP, EI, and income tax) for all employees. If you are using computerized accounting software, a backup copy of the data file as at December 31, 2019;
6. All remittance forms for the year;
7. Information on any taxable allowance and/or benefits, taking into consideration the following:
Automotive allowances; Automotive standby charges and operating cost benefits; Board and lodging allowances; Counselling services; Discounts on merchandise; Commissions on sales; Educational allowances for children; Gifts, awards, and social events; Group term life insurance policies ‑ employer‑paid premiums; Housing ‑ rent‑free and low interest loans; Medical expenses; Moving expenses and relocation benefits; Municipal officer’s expense allowance; Parking; Premiums under provincial hospitalization & medical care insurance, and certain federal government plans; Professional fees; Recreational fees (i.e. club membership dues); Registered retirement savings plan (RRSP) premiums; Registered pension plan (RPP) premiums; Scholarships and bursaries; Spouse or common‑law partner’s traveling expenses; Stock options; Subsidized meals; Travel assistance in a prescribed zone; Tuition fees; Uniforms and special clothing; and/or Wage‑loss replacement or income maintenance non‑group plan premiums; and,
8. The name and phone number of the person to contact should we require any additional information.