I'm Debby Pepper. I only listen to the weekly tip from painless financial learning CA. - Last week, I reminded you about duty fours and two fives being due by the end of February twenty-ninth. - As it happens, this week I want to spend just a little more time talking about what goes on your chief force. - We've talked before about employees versus subcontractors, so what's the decision there? - If you have someone working for you and you tell them when to come to work, what to do when they're there, when they can go home, and they're using your tools, they're very likely an employee. - On the other hand, if you have someone and you ask them to do something for you, they go away, they do it with their own stuff, they come back when it's done, and they invoice you, that's a subcontractor. - Your risk is that you think someone that you're treating as a subcontractor actually is an employee. - One of the issues there is how many other customers does this subcontractor have? - If they only work for you, it's very likely they're an employee. - So, if you're not following t4s by the end of this month for anybody else and you end up down the road being treated as though you should have filed the t44, this subcontractor that's a $25 a day penalty. - Now they do cap it at $2,500, but that's still a substantial amount of penalty. - Perhaps you should consider whether there is anyone who's being treated as a subcontractor on your books and should be an employee. - The other thing is the vehicles. If anyone's driving one of your vehicles and they're employed by you, then you need to calculate a standby charge. - You probably need some help with that, but...
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T4 Fillable 2024 Form: What You Should Know
Forget about scanning and printing out forms. Use our detailed instructions to fill out a comprehensive T4 summary. Aug 11, 2024 — Employment insurance (EI) Benefits, Payroll Deductions, and Canada Pension Plan (CPP) Contributions There are two main income tax forms of taxation in Canada: Employment Insurance (EI) benefits — Canada.ca Canada Pension Plan (CPP) contributions — Canada.ca For more about EI benefits and EI deductions, read this excellent blog from Canada.ca. There are many forms of employment insurance (EI) in Canada that include payroll deductions. This is a type of benefit that you are generally required to deposit by check, on time, every pay period. For more information on payroll deductions, see my Canadian article at Canada.ca. For more information on Canada Pension Plan (CPP) payroll deductions, see this excellent blog from Canada.ca. Note: An income tax credit does not replace the income taxes you'd otherwise owe, but will provide you with an opportunity to take some of these taxes off the top of your tax bill. For more information on the Canada Revenue Agency's site, visit Employment Insurance (EI) Benefits — Canada.ca A T4 Employment Insurance (EI) slips (Forms 2166 and 2166-S), also known as a “Statement of Employment,” is used in Canada for employment and pension claims. This tax form has 4 sections: EI benefits — Canada.ca Canada Pension Plan contributions — Canada.ca Employment Insurance (EI) benefits — Canada.ca EI slips and T4 forms must be filled out on paper. These are to be mailed in using priority mail, or sent by fax. Note that employers are advised to get the T4 returns completed at the same time they send out the T4 slips. In most cases, you will save time by simply filing in the same month, instead of a little later. The T4 Form contains important information in its instructions: A T4 Statement for each payroll period (January–February, March–July, and August–October). A summary of employment and pension claims received in the previous month, with information provided by the employer about employment, pension and EI benefits received.
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