The end of February is the deadline for filing information returns such as the T4 for wages paid, the T5 for dividends paid and the T4A for subcontractors.
If any of these forms apply to your organization then be aware there are penalties for failing to file the returns on time. These penalties vary by how late you are and how many forms you are filing.
Leave a little extra time for filling in the T4 forms for 2020. We have an additional four boxes to fill in. The four boxes are to be filled in with the earnings paid to each employee in each of the four CERB periods. We are finding that preparing T4’s takes about twice as much time as usual.
You also may have a little trouble balancing the T4 summary with the totals on the T4’s if you used the Temporary Wage Subsidy (TWS) to reduce your payment of source deductions. Last spring seems like a lifetime away, so you could be forgiven if you have forgotten that you made those reductions, and now your T4 summary does not balance.
We are to leave the T4 summary with a balance owing if the amount owing is equal to the TWS. If you have used the TWS you should also get the form PD27 filed which shows CRA how you calculated the TWS and that it agrees to the balance outstanding on your T4 summary.
There are still a couple of weeks until the T4, T5 and T4A’s are due. If you have not filed, the task should be on your to-do list.