Filing T4 and T4A slips in Canada is a crucial aspect of tax compliance for employers and payers. Understanding the distinctions between these forms and the filing process ensures accurate reporting to the Canada Revenue Agency (CRA).
T4 Slip: Known as the “Statement of Remuneration Paid,” the T4 slip is used by employers to report employment income, deductions, and other related information for each employee. This includes salaries, wages, bonuses, and taxable benefits. Employers are required to provide T4 slips to employees and file them with the CRA by the last day of February following the calendar year in which the income was paid.
T4A Slip: The “Statement of Pension, Retirement, Annuity, and Other Income” slip is utilized to report various types of income outside of regular employment. This includes self-employed commissions, annuities, pension payments, and other specified income types. Payers must issue a T4A slip if the total payments in the calendar year exceed $500 or if any tax was deducted from the payment.
We gather and organize all necessary payroll and payment information to prepare your T4 and T4A slips accurately.
Adhering to CRA deadlines is crucial. We ensure that all slips and summaries are filed promptly to avoid late filing penalties.
We provide copies of the slips to your employees and contractors and assist them with any questions they may have regarding their income reporting.
Take the first step towards T4 and T4A filings. Schedule your free consultation today and let our experts guide you through the best T4 and T4A services for your business.
MB Accounting offers comprehensive business registration services to ensure your business is set up properly from the start.
Accurately recording all financial transactions and categorizing them appropriately to maintain organized financial records.
Accurately recording all financial transactions and categorizing them appropriately to maintain organized financial records.
Ensuring that your bank and credit card statements align with your financial records to identify discrepancies and maintain accuracy.
Ensuring that your bank and credit card statements align with your financial records to identify discrepancies and maintain accuracy.
Managing and organizing expense reports to ensure all business expenses are tracked and recorded correctly.
Managing and organizing expense reports to ensure all business expenses are tracked and recorded correctly.
Providing detailed monthly financial statements, including income statements, balance sheets, and cash flow statements, to give you a clear picture of your financial health.
Providing detailed monthly financial statements, including income statements, balance sheets, and cash flow statements, to give you a clear picture of your financial health.
Handling annual or quarterly sales tax filings for GST/HST to ensure compliance with Canadian tax regulations.
Handling annual or quarterly sales tax filings for GST/HST to ensure compliance with Canadian tax regulations.
Our team is well-versed in Canadian tax regulations and the specific requirements for T4 and T4A filings.
With our professionals handling your filings, you can focus on your core business activities without worrying about compliance issues.
By choosing our services, you benefit from:
Maintaining precise financial records to support strategic planning and operational efficiency.
Offering reliable bookkeeping support, giving you confidence in your financial management processes.
Providing data-driven insights to inform business decisions and promote growth.
We collect all relevant payroll and payment data from your organization.
Our team reviews the information for accuracy and completeness.
We prepare the T4 and T4A slips in accordance with CRA guidelines.
We file the slips with the CRA and distribute copies to your employees and contractors.
At MB Accounting, we follow a simple, transparent, and efficient process to ensure your business is properly registered in Canada. Our step-by-step approach minimizes complexity so you can focus on your vision while we handle the details. Here’s how it works.
We’re proud to have earned the trust and loyalty of businesses across Canada. From startups to established enterprises, our clients consistently praise our expertise, professionalism, and commitment to their success. Here’s what they have to say about their experience with MB Accounting.
A T4 slip is used to report employment income, taxable benefits, and deductions, while a T4A slip is issued for self-employed commissions, pension, annuities, and other income types. MB Accounting ensures that the correct slips are prepared, verified, and filed with the CRA on time.
The filing deadline for T4 & T4A slips is the last day of February of the following year. MB Accounting ensures timely submission to help avoid late penalties.
Late filing can result in CRA penalties ranging from $100 to $7,500, depending on the delay and number of slips. MB Accounting prevents late submissions by ensuring that all slips are filed before the deadline.
Yes! We use CRA-approved electronic filing methods such as My Business Account, Web Forms, and XML Internet File Transfer to ensure fast and accurate submission.
Absolutely! If any errors are identified, we help correct and re-file amended T4 or T4A slips to ensure compliance and prevent CRA audits.
Yes. Employers must issue a T4 slip for all employees who received wages, regardless of their employment duration. MB Accounting ensures that all T4 slips are properly prepared, even for terminated or part-time employees.
Businesses must retain T4 & T4A records for at least six years in case of a CRA audit. MB Accounting provides secure documentation and record-keeping services to help you stay compliant.
Businesses must retain T4 & T4A records for at least six years in case of a CRA audit. MB Accounting provides secure documentation and record-keeping services to help you stay compliant.
Yes! If the CRA selects your business for an audit or review, our team provides full audit support, documentation review, and compliance guidance to ensure a smooth process.
You can book a Free Consultation with MB Accounting by:
Telephone: +1 (647) 956-0894
Email Us: sales@mbaccounting.ca
Website: https://mbaccounting.ca
We provide personalized guidance, filing solutions, and tax-saving strategies to ensure a stress-free T4 & T4A filing experience.
At MB Accounting, we specialize in accurate and timely T4 & T4A filing to ensure compliance with Canada Revenue Agency (CRA) regulations. Below are the top 10 FAQs related to our T4 & T4A Filing Services in Canada.
We’re here to help! Reach out to our team for personalized support and answers to any additional questions you may have. Contact us today to get started!
We offer a complimentary consultation to discuss your specific needs and how our services can assist you in seamless T4 and T4A filings. Contact us today to schedule your free consultation.
Ensuring compliance with CRA regulations for T4 and T4A filings is essential for all Canadian businesses and payers. Our specialized services are designed to simplify this process, providing you with accuracy, efficiency, and peace of mind.
There is nothing possible in business intelligence without concrete accounting solutions. The core of every company’s growth in the business world, just like MB Accounting is delivering successfully every day.
SYED MANSOOR ALI NAQVI
DIRECTOR & CEO MBE GROUP
Please Feel Free To Contact Us.
Our team of expert accountants and Tax expert consultants are always ready to guide you with the most suitable advice. Please feel free to contact us & we shall get in touch with you regards to your trusted business solutions.
‘‘T4’ is related to the summary of deductions from employee’s salary. Total deductions which includes CPP, EI & taxes (Provincial & Federal). Furthermore, the employer contribution according to the relation of CRA given ratio that is forwarded to Canada Revenue Agency. MBE accounting provides T4 on demand and according to the wages summary calculated on weekly, bi-weekly and monthly basis (as according to the frequency of wage payments).
Similarly we give T4A i.e. a summary on behalf of third-party that is provided to CRA i.e. Canada revenue agency.
‘T5’ is a summary of all ‘Investment Income’ of the investor or owner of the company depending on the partial or full ownership/directorship. We excel in providing on demand ‘T5’ based on the requirements specifications of our trusted clients.
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A summary of all the taxes including T5 solving your investment management needs in the best possible manner. MBE Accounting is highly trained in delivering the best possible tax consulting needs and all the legal documents needed to support.
We are engaged with our clients 24/7 regards to the provision of T4, T4A and T5. Third party involvement in T4A is kept highly confidential. Confidentiality is how we engage clients for better future prospects.
We help you focus at the maximum on your business through improved and highly improvised accounting services including the Taxation matters i.e. Tax consulting. Taking the burden off your shoulders and we help in increasing your passion towards business through a focused approach.
Our distinguished archiving capacities and constant training of our staff helps in monitoring the ever changing and global finance options. We value the client’s focused approach towards a constant expansion.
Managing accounts through Management Accounting is made easy for sake of easy decision making. Cost and Management accounting, the ingredients of expert decision making and expansions. The focus is on measurement, analysis, and reporting of the vital information that can be helpful for managers in taking vital organizational decisions. Making it easier for a manageable client focus.
Taxes and expenses, a huge part of modern day accounting, decision making & recording of financial activities. Handling taxes is the key behind accountancy matters as MBE’s tax consultants are highly equipped in dealing with all kind of taxation matters. These includes PTR, CTR and HST i.e. Harmonized Sales Tax. .
The role of accounting firms is huge in giving positive Returns on Investments and on record productivity. The Big Five Accounting Firms in the world are: Arthur Andersen, Deloitte, Ernst & Young, and KPMG & PricewaterhouseCoopers.
The history associated with accounting firms’ dates back from early 19th Century and 20th Century. The growth of the Accounting Firms started from United States and Europe and later the growth was immense due to some mergers.
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