It’s a leap year! Your deadline for filing 2011 T4 and T4A slips is Wednesday, February 29, 2012.
Posts Tagged ‘Government Documents’
T4 & T4A Deadline
Monday, February 6th, 2012
Municipal Property Tax Rebate for Ontario Charities – Prepare to File on February 29, 2012
Thursday, February 2nd, 2012Staff Post
By Heather Young
Don’t miss out!
February 29, 2012 should be circled in your calendar for more than just T-slip filing.
Under Ontario law, municipalities must offer a rebate of at least 40% of property taxes to charities that occupy commercial or industrial property. Municipalities can rebate up to 100% of the tax if they wish, and can also offer rebates on other classes of property.
Charities should contact their local municipality, and/or consult its website to learn how to apply for this money.
Toronto registered charities that occupy commercial or industrial property may be eligible for a rebate of 40% of property taxes paid if they meet the eligibility requirements, as outlined in Section 329 of the City of Toronto Act, 2006.
A description of Toronto’s program and application form can be found on this page on the City of Toronto website.
Don’t wait till the last moment!
Leave yourself plenty of time to round up the documentation and complete the form. Requirements vary, but may include securing a letter from the Canada Revenue Agency Charities Directorate confirming your registration status, plus a letter and/or tax information from your landlord.
You can apply for these rebates every year on the last day of February after the tax year in question.
Annual T-Slip Deadline – February 29, 2012
Thursday, February 2nd, 2012Staff Post
By Heather Young
The annual payroll reporting deadline is looming. T4 and T4A slips must be filed by Wednesday, February 29, 2012.
T4 Slips
In preparation, you should reconcile your payroll accounts: make sure that the balance on your PD7A form (i.e. the total source deductions that the government acknowledges receiving) matches the total of the cheques you issued.
Conduct your own “pensionable and insurable earnings review.” The Canada Revenue Agency (CRA) checks this for every filer. Before you submit your T4s, you should confirm that the correct CPP and EI amounts were withheld, and were properly matched with employer contributions. If you find any shortage, it needs to be accrued to the employee record and remitted to the CRA.
Review your company’s employment relationships for any taxable benefits. Taxable benefits are items above and beyond payroll that have a value for employees, and that the CRA considers taxable income. Check this page on the CRA website for information about cell phones, parking, transit passes, insurance, gifts and other benefits.
Taxable benefits should be processed on a pay period by pay period basis, as required by law. If you’ve overlooked something, though, be sure to record it and remit the appropriate taxes at payroll year-end.
T4A Slips
Here’s the CRA’s word on when you need to issue T4A slips.
For small not-for-profits, including arts organizations, the most common requirement is to document “fees or other amounts for services.” This includes freelancer and self-employed contractor fees and, indeed, fees paid to any unincorporated business. (That is, cases where the fees are to be reported on a personal income tax return.)
Amounts paid to freelancers are to be reported on Box 48 of the T4A slip.
Here’s what the Canadian Payroll Association says about T4As: “The CRA is currently conducting a review of the types of payments that payers will be required to report in this box (i.e. Box 48). While this reporting requirement may be expanded in the future, it currently applies only to payers of independent or self-employed contractors, who should report any fees (excluding GST/HST) on the T4A using Box 48.”
Late filing
The penalties for late filing of T4 and T4A information returns can be found here on the CRA website.
Questions? Please contact us or comment below and we’ll do our best to help!
A Change in Personal Situation Warrants a New TD1
Monday, January 23rd, 2012Ask your employees to fill in new TD1 forms when their personal situation changes. For instance, a new parent can claim a child credit, but a recent grad’s tuition and education credits are only good for the calendar year when they were in school.
Taxable Benefits and Group Life Insurance Premiums
Wednesday, January 18th, 2012Do you offer a benefits package? If the employer pays for group life insurance premiums, there is a taxable benefit to the employee which must be reported as compensation on the T4 slip. For more information, see the CRA website.
Phone the Charities Directorate for info. on Tax Receipting and the T3010
Tuesday, January 10th, 2012The Charities Directorate phone number is 1-800-267-2384. Call them with your questions on tax receipting, filing your T3010 and other matters.
Submit T3010 Within 180 Days of Year-End
Tuesday, December 27th, 2011The annual T3010 Charities Return is due within 180 days (6 months) of your fiscal year-end.
Be Up to Date with your Charitable Receipting by Fiscal Year-end
Tuesday, December 20th, 2011Make sure that your charitable donation receipting is up to date at your fiscal year-end, so that you’re prepared to report on donations for the year in your T3010 Charities Return.
T4 Deadline and Web Forms
Wednesday, December 7th, 2011T4 slips must be issued to all payrolled employees by February 28 for the preceding calendar year. Employers with six or fewer staff can use CRA’s free T4 web forms application by clicking here.
February 28 CRA Deadline
Thursday, November 24th, 2011Put February 28 in your calendar! It’s the annual deadline for filing T4s, T4As and perhaps other T-slips, depending on your charity’s situation.