Staying current
Payroll run properly, with remittances and slips that reconcile.
Pay runs, source deductions and CRA remittances through the year, with T4 and T4A slips at year-end. If payroll has been left unreconciled, we clean up the account and issue the missing slips.
What’s included
- Regular pay runs
- CPP, EI and income tax deductions
- Remittances to CRA on schedule
- T4 and T4A slips and summaries
- Payroll account reconciliation
- Prior-year slips issued in a catch-up
Paying yourself?
Salary or dividends is a tax decision.
How an owner is paid changes the corporate tax, the personal tax and the payroll obligations. It’s worth deciding on purpose rather than by habit.
Tax planningHow it works
Review your payroll account
We check what’s been remitted against what should have been, and find any missing slips.
Run each pay period
Deductions are calculated and remitted on schedule, and recorded in your books.
Close the year
T4 and T4A slips and summaries are prepared and filed, and reconciled to the remittances.
Payroll questions
Related guides
When are payroll remittances due?
For most small employers, the CPP, EI and income tax you deduct from pay are due to CRA by the 15th of the month after the pay date. Small employers whose average monthly remittance is under $3,000, with a perfect compliance record for the past 12 months, can qualify to remit quarterly, and larger employers remit more often.
What happens if a remittance is late?
CRA charges a penalty that rises with how late the payment is: 3% if it’s one to three days late, 5% for four or five days, 7% for six or seven days, and 10% after that, plus interest.
Can directors be personally liable for unpaid payroll remittances?
Yes. Directors can be held personally liable for source deductions the corporation withheld but didn’t remit, along with the related interest and penalties. It’s one of the most important obligations to keep current.
When are T4 slips due?
T4 and T4A slips, with their summaries, must be filed with CRA and given to the people who received them by the last day of February for the previous calendar year.
Do owners who take dividends need payroll?
No payroll deductions apply to dividends. The corporation reports them on T5 slips instead. Any salary you take goes through payroll like anyone else’s.
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