Tag Archives: CRA Source Deduction

Prepping the T’s for Tax Season

Time is ticking on T4/T4A season.  With the Friday, February 28 deadline fast approaching, are you procrastinating, preparing or already producing your T4 and T4A Information Returns?

What they are?
A T4 (Statement of Remuneration Paid) is employment income paid during a tax year and the amount of income tax that was deducted.  As well as salary, employment income can be bonuses, vacation pay, tips, honorariums, commissions, taxable allowances, the value of taxable benefits and payment in lieu of notice. Continue reading

Federal Budget Impacts Canadian Revenue Agency (CRA) Remittances

federal_budget_2014

On February 11, 2014, Finance Minister Jim Flaherty tabled the 2014 Federal Budget, entitled “The Road to Balance: Creating Jobs and Opportunities.” A key point for Telpay customers was the reduction in frequency of CRA Source Deduction remittances for some employers. The Budget proposed to increase the remittance thresholds for CRA Source Deduction remittances for amounts withheld after 2014. Continue reading