Whether you’re an independent contractor who receives a salary from your business or a contractor who receives compensation through dividends, you’ll want to pay attention to this reminder.
The Canadian T4 and T5 filing deadline is the last day of February, which this year is Tuesday, February 28th. Sure there are still a few weeks and February feels like the longest month of the year, but if you’re like many others, procrastinating on accounting comes fairly easily. At the very least, take a minute to create a plan and schedule some time to get this task completed.
While we always encourage and strongly recommend you seek advice from an accountant, here are a few other resources:
- This page with T4 Information for Employers from the Canada Revenue Agency (CRA) is a great start
- T5 Information from the CRA can be found on this page
- Here are some guides for filing both T4 and T5 returns electronically
- We posted last June with information regarding updates in payroll tables. That post has additional helpful links.