T4’s and T5’s are Due by February 28

The T4 slips for wages paid in 2016 are due by the end of February 2017.

This is not a deadline that you want to miss because the penalty is $25 a day (to a maximum of 100 days).

The same deadline and penalties apply to the T5 forms, which are to be filed for any dividends paid in 2016.

Give a thought to whether there are any payments made which were not characterized as wages and should have been. What I mean by that is are you sure that you know the rules fro considering people that you pay to be employees. Is it possible that someone you think of as a subcontractor is actually an employee?

You still have a few days to get these forms prepared and filed – so get at it!

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Painless Financial Training Group Inc. with Debi Peverill

Understand Financial Stuff, Painlessly