Welcome to the 2023 T4, T5, NR4, T5018, EHT and WCB Filing Season! Your 2023 filings are due on Feb 28, 2024.
We may already have some of the documents necessary to prepare these forms, however before we can begin, we require instructions from you to do so and to confirm that nothing else has happened during the year which we should be aware of.
T4 SLIPS (STATEMENT OF REMUNERATION PAID)
In order for us to prepare your T4 slips we will need the following information:
- Payroll records:
Payroll book, electronic payroll reconciliation or other records for January 1 to December 31, 2023. Please total all monthly and yearly columns if you supply us with a payroll book. - Employee information:
Names, addresses (including postal codes), and Social Insurance Numbers. - CPP or EI exempt?
Please indicate if any employees are CPP or EI exempt (especially if under 18, over 70, or turned 18 or 70 in 2022). - Taxable benefits
Please note any benefits not included in the payroll records so we can calculate the amounts for inclusion on the T4 slips, e.g. RRSP contributions made by the company on behalf of employees in the year, MSP premiums, uniform allowances, automobile, low interest loans such as housing loans, etc. - Dental Premium Coverage
Please indicate yes or no whether an employee or any of their family members were eligible to access any dental care insurance, or coverage of dental services of any kind, that you offered in 2023.
T5 SLIPS (INVESTMENT INCOME REPORTING)
- A copy of your shareholder account transactions not included in the bookkeeping from January 1, 2023, to December 31, 2023.
- A copy of your dividend account transactions from January 1, 2023, to December 31, 2023.
- Details of any interest or dividends paid from January 1, 2023, to December 31, 2023.
- If you are using QuickBooks Online for bookkeeping, please add us an “Accountant” to your bookkeeping file using this email: bookkeeping@horizonca.ca or please confirm that the bookkeeping has been updated through December 31, 2023.
NR4 SLIP (PAYMENTS TO NON-RESIDENTS OF CANADA)
Please contact us if you have paid interest, dividends, or any other payments to non-residents of Canada as an NR4 slip may be required.
SUMMARY OF CONTRACT PAYMENTS (T5018) INFORMATION RETURN
You are required to file a T5018 Information Return if more than 50% of the business income is derived from construction and amounts have been paid to subcontractors for goods and/or services rendered for construction activities. Please advise us if you need our assistance in preparing your T5018 Information Return. These returns are due 6 months after the reporting period you have chosen. The reporting period will be the calendar year or your fiscal year.
EMPLOYER HEALTH TAX (EHT) ANNUAL RETURN
Please advise us if you need our assistance in preparing your EHT return.
WORKSAFE BC (WCB) ANNUAL RETURN
Please advise us if you need our assistance in preparing your WCB return.
SUBMISSION OF RECORDS
Check your email on January 8, 2024 for a personalized checklist from us where you can upload your tax information to our secure file-sharing portal. The email will have a subject line “T4/T4A Slip 2023 Filing Deadline” and/or “T5 Slip 2023 Filing Deadline“.
DEADLINE
We would appreciate receiving the above information as soon as possible. If we do not receive this information before January 20, 2024, we will not guarantee preparation of your T4/T5/NR4 slips, T5018 Information Return , EHT or WCB return by the deadline.
Receiving a Copy of Your Slips
In an effort to be more eco-friendly, we will deliver a copy of your slip(s) to you electronically through our secure file-sharing portal called Karbon Client Checklist or by email with password protection.
We will only send a paper copy of your return(s) if requested.
If you have any other questions or need any help organizing or gathering this information, please contact us at (604) 697-7777.
Optional
Create an account to access Karbon Client Portal. This will allow you to access all the applicable past filings we have prepared for you (T1, T3, T4, T5 and corporate) through a secured file-sharing platform called Karbon. See this link for more instructions: How to Guide – Karbon Client Portal
