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________________________________________________ Tax Tips - February 12, 2002 T4
Filing Before February 28, 2002 As an employer in Canada, you have to file your employees' T4 information return and give T4 information slips to the employees by the last day of February following the calendar year to which the information return applies. Your 2001 T4 information return must be filed by February 28, 2002. If you fail to do this, the penalty for each failure is $25 a day, with a minimum penalty of $100 and a maximum of $2,500. To prepare a T4 information return, you must complete the T4 slips and the related T4 Summary form. In some cases, you may also have to complete a T4 Segment form, T4 slip and the T4 Summary form are used to report income amounts you paid to your employees (including salary, wages, tips or gratuities, bonuses, vacation pay, employment commissions, and all other remuneration you paid to employees during the year) and deductions you withheld (CPP contributions, EI premiums, or income tax deducted from the remuneration) during the year. Penalties shall apply if you fail to deduct or remit tax. After you complete your return, mail it to:
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