February is the month where we think about T4’s. This is a good time for a refresher about who files these forms and when? The T4 is issued to employees. Canadians are familiar with the T4, as most Canadians have had a job in their lifetime. New business owners who have employees need to be aware there is yet another form they have to file.
The T4 preparation process is a lot of fun. This is the form where you figure out if you have been sending in the correct amount of deductions each month during 2017. Getting your T4 summary to balance is one of the reasons so many people are attracted to accounting. Think of the sense of satisfaction you will gain when you add up the EI, CPP and income tax that you have deducted from your employees, one by one, and get the exact amount of deductions that you have sent in. Pure joy! Once you have this form balanced you need to print the T4’s for your employees and file the T4 Summary with CRA.
The T4’s are due to be filed with CRA by midnight on February 28, 2018.