What Kind of Slips is Applicable to Me or My Employees?
Whereas employees generally receive T4 slips, shareholders who pay themselves dividends should be receiving T5 slips. We will identify what kind of slips you need for year-end and ensure your summaries are filed with CRA.
The general deadline for filing summaries is the last day of February of the following calendar year to which they apply (February 28 unless leap-year*).
Payroll Software Selection
Whether you are choosing to use Wagepoint, Quickbooks Online (QBO), Simple Pay, Wave, or Payment Evolution we are here to help guide and select the right payroll provider software for your small business.
Each software has different capabilities and features. Some can offer direct deposit for your employees (to eliminate checks) and others can automatically remit source deductions to CRA (without having to pay through your online bank or visiting the branch).
We will help set up and integrate your software solution to your accounting system to ensure your accounting system is tracking your payroll liabilities and recording your payments to ensure accurate financial reporting.
Payroll Remittance Types
For small businesses, there are usually 3 options for remitting periods. The most common is a regular remitter who must make monthly remittances.
Type |
Average Monthly Withholding Amount (AMWA) |
Frequency |
Due Dates |
|
Regular |
0 to $24,999.99 |
Monthly |
15th day of the next month |
|
New Small Employer* |
N/A – Total Monthly withholding amount is = 0 to $999.99 & Perfect Compliance History |
Quarterly |
15th day of the next month of that quarter |
| Account Opened for the minimum of 12 months or Longer | 0 to $2,999.99 & Perfect Compliance History | Quarterly |
15th day of the next month of that quarter |
* You do not have to apply, remit quarterly unless CRA tells you on your statement of account that you must remit differently.
How to Remit Source Deductions
Debit – Using ‘My Payment’ directly from the Canada Revenue Agency’s website.
Online Banking – Directly through your web login you can usually add CRA as a Payee. Some institutions have a tax payment option portal as well.
In Person – At your financial institution with the ORIGINAL* voucher (Must be original, not a copy!)
Credit Card – Typically you must use a 3rd party provider to pay with credit card and they charge a fee. Contact Us if you’d like to know which ones we recommend!
By Mail – with a Cheque or Money Order (Sudbury Tax Center with Original Remittance voucher)
Wire Transfer – those who do not have a Canadian bank account can make payment to CRA by wire transfer. (Click here for wire details)
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