Young Associates

Errors on your T3010 return? You can amend a return after submitting it to the Canada Revenue Agency by filing an adjustment request with the Charities Directorate. You will find instructions and a link to the form here.

Use good form on your forms! CRA says, complete T-slips neatly and in alphabetical order. E-filing is required for 50+ forms, and is always the preferred option. Guidelines are published here: http://bit.ly/WEYwq1

Use good form on your forms! CRA says, do not use $ signs on your T-slips; just enter the number. Do not use hyphens or dashes between numbers and names. Guidelines are published here: http://bit.ly/WEYwq1

Use good form on your forms! CRA says, if you do not have an amount to enter in a box, leave it blank. Do not enter “Nil.” Guidelines are published here.

As of last year, it is mandatory to complete Box 24 (EI Insurable Earnings) and Box 26 (CPP Insurable Earnings) on employee T4 slips. If there are no earnings, report 0.

Employers who need to file 50 or more of any type of slip (e.g T4s or T4As) must file electronically. CRA provides a choice of online applications.

Thursday February 28: mark it on your calendar! That’s the filing deadline for T-slips for the 2012 tax year.

Ask 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.

Do 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.

Put 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.