T4 time

So it is time to prepare the T4's. For us we ask our accountant to help but I do believe it is a straight forward process.

Information needed for completion of T4 slips:

1. Photocopy of payroll remittance form showing total contributions for year (should be January statement).
2. List of all employees with full name, address, SIN, and # pay periods.
3. Payroll Activity (Detail) or Payroll Register (Detail).
4. T4 Summary report
5. T4 Summary form from CRA
   

Guidelines for completing T4 slips:

• Complete the slips clearly and in alphabetical order.
• Report, in dollars and cents, all amounts you paid during the year, except pension adjustment amounts, which are reported in dollars only.
• Report all amounts in Canadian dollars, even if they were paid in another currency.
• Do not enter hyphens or dashes between numbers or names.
• Do not enter the dollar sign ($).
• Do not show negative dollar amounts on slips; to make changes to previous years,
• If you do not have to enter an amount in a box, do not enter "nil" - leave the box blank.
• Do not change the headings of any of the boxes.

For information on how to complete the form visit
http://www.cra-arc.gc.ca/tx/bsnss/tpcs/pyrll/rtrns/t4/smmry/menu-eng.html