File your T4 slips by the end of February

File your T4 slips by the end of February 

In case you haven’t noticed, the deadline for filing your taxes is fast approaching. And like brushing your teeth, filing taxes isn’t exactly enjoyable but you feel pretty good after you’re finished.

So with that in mind, let’s take a quick look at some points from the Canada Revenue Agency website:

• Payroll employers must file their T4 information return no later than the last day of February following the calendar year to which the information return applies.
• CRA considers a return to be filed on the day they received it or the day it is postmarked, whichever is earlier.
• If the due date falls on a Saturday, a Sunday, or a public holiday, it is due on the next business day. If you fail to file it on time, CRA may assess a penalty.
• If you have more than one payroll account, you will have to file a separate information return for each account.
• If you need to file early due to bankruptcy or if your business stops operating, you are required to file within 30 days of the day your business ends.
• If the owner of a business dies, the T4 slips and T4 Summary have to be filed within 90 days of the death.
• If you file more than 50 T4 slips in a calendar year, you must file the return over the Internet.
• For more information, go to Filing Information Returns Electronically (T4/T5 and other types of returns).

What goes up must come down. The sun always rises in the east. And like other sure things, your taxes need to be filed, so get on it before it’s too late.

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