How to Prepare and File T4, T4A and T5 Slips

(Before It's News)

n Canada, tax slips need to be filed by the end of February. Electronic filing is only available until December 17th. No one wants to be left scrambling at the last minute, so it’s important to get yourself organized and your forms filled out as soon as possible. For employers, one of the common sets of slips to fill out are the T4 and T4A forms that relate to payroll operations like salaries, commissions, pensions, and RESP arrangements. Another common form to file around this time is the T5, which is used to report certain forms of investment income. Getting these filled out and filed right and early saves you a lot of stress and headaches later on.

FILING T4 SLIPS

A T4 slip is used to report payments by an employer to another individual, often called “remuneration.” The following types of payments fall into this category:

• 1. Salary, wages, pay instead of a termination notice, tips, bonuses, vacation pay, and honorariums
• 2. Director’s fees and management fees, including fees paid to non-resident directors for work they render in Canada

Read More: How to Prepare and File T4, T4A and T5 Slips

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