Year End Payroll Procedures
If you are an employer or hire sub-contractors this blog is for you. T Slips and Summaries must be prepared, given to your employees or sub-contractors and submitted to the CRA by February 28, 2018. Here is some information regarding the different slips.
If you have employees, (hired staff that you deduct CPP, EI and Tax from gross wages and remit to the government), you will need to complete a T4 for each employee, and a T4 Summary to submit to the government, along with copies of the T4s.
For sub-contractors, (self-employed individuals that are responsible for paying their own taxes), you will need to complete a T5018 for each sub-contractor you paid exceeding $500 in the calendar year, and a T5018 Summary to submit to the government, along with copies of the T5018s.
If you paid someone, that was not your employee nor a sub-contractor, and the total of all payments exceeded $500 in the calendar year, you will need to fill out a T4A for that person. Examples of income may include:
- Self-employed commissions
- Fees or other amounts for services received or work provided
You have a few filing options:
Paper filing – the fillable forms are available at Canada.ca
Electronic filing (internet file transfer) using your payroll software. (Access code required, and can be obtained from the Canada.ca site)
I am available to provide my services to complete your payroll filing and/or provide training. Please contact me today to set up a no-obligation consultation to discuss your needs.