February is upon us and as usual the Toronto Male Leafs likely won’t be making the playoffs once again. The other bad news is it’s time to file your 2016 T4s and T5s. A T4 needs to be completed and filed for each person you employed in 2016 by the end of the month. A T5 may also need to be filed but you need not worry about that as we are already on top of it.
We request that our clients submit any 2016 payroll records that we don’t already have on file. Payroll records are whatever you used to complete your calculations for each pay period (e.g. QuickBooks file, Sage 50 file). If you currently use the Accounting Payroll System, we will only need your 2016 payroll records for pay periods that haven’t been processed in our system.
The T4 filing deadline is February 28th. The CRA penalty for late filing for 1-50 slips is the greater of $100 or $10 per day late.