The deadline for T4-prefix slips is normally the last day of February following the calendar year to which the income relates (ie. T4, T4A, T4A-RCA, T4PS, T4RIF, T4RSP and T215).
The deadline for T5-prefix slips is normally the last day of February following the calendar year to which the income relates (e. T5, T5003, T5006, T5008, T5013). An exception to T5 information return filing deadline is outlined in a paragraph following.
As an employer, the last day to file your T4 information return (T4 Summary and T4 slips) is the last day of February following the calendar year to which the earnings and benefits relate. If the last day of February falls on the weekend (Saturday or Sunday) then the return will be due on the next business day (ie. Monday, March 1st). Late filed returns may be subject to penalty. The penalty amount will depend on the number of T4-slips prepared. As an example, if your T4 information return included 1 to 50 T4 slips then the penalty may be $10/day to a maximum penalty of $1,000.
A T4A information return and slip(s) should be prepared by a payer, such as an employer, trustee, estate executor, an administrator, or a corporate director if you pay the following specific types of income:
- Pension or superannuation
- Lump-sum payments
- Self-employed commissions
- Annuities
- Patronage allocations
- RESP accumulated income payments
- RESP educational assistance payments
- Fees for services
- Research grants, wage loss replacement plan payments—providing no withholding taxes were required for CPP or EI
- Death benefits or certain benefits paid to partnerships or shareholders
The T4A information return and T4A slips are due on the last day of February, similar to the filing requirements for T4s. Be sure to review CRA’s Guide RC4157 which details other filing requirements regarding the T4A return and slips and penalty assessments for late-filed returns.
The last day to file your T5 information return (T5 Summary and T5 slips) is also the last day of February following the calendar year to which the information return applies. However, if the business or activity ends, the T5 Summary and slips must be filed no later than 30 days after the date the business or activity ended.
The last day to file and distribute trust related information slips (T3 Summary and T3-slips) is 90 days after the trust’s year-end date. Late-filed T3 Summary and T3-slips will be subject to a penalty of $25/day, from a minimum of $100 to a maximum of $2,500.
If you are recipient to a T3 tax information slip you will have noticed in the past that often your receipt of the T3 slip extends well into the end of March to mid-April because the filing due date is significantly later than the deadline for T4 slips. Therefore, it is important to advise your tax professional that you may have additional slips to submit before your personal income tax return can be completed.
The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.
This post has been prepared for general information purposes. It is not advice. The information presented may not fit your unique situation, please consult one of our trusted business advisors at RHN CPA for further clarification and interpretation of your particular circumstances.