By February 28, 2019
If you paid salary, employment commissions or employee benefits from January 1 to December 31, 2018, you must complete and file:
■ T4 Summary and Supplementary reporting forms provided to you by the Federal Government.
■ Retiring allowances, including termination and severance pay, must be reported on T4s.
Note that amounts eligible for transfer to an RRSP are reported separately on this form from those that are ineligible for such transfers.
In preparing the T4s for your employees, you must calculate and report the value of all employee benefits in addition to reporting actual salary or wages.
See the latest version of the "Employers' Guide – Taxable Benefits and Allowances," available on the CRA website for a detailed listing of benefits.
Ensure that all employee benefits that are taxable supplies (other than special-rated employer-paid automobile operating expenses, exempt supplies or zero-rated supplies) are grossed up for the effect of sales tax.
By February 28, 2019
You must complete and file a T5 Summary and Supplementary reporting form if you:
- paid or owed accrued interest (generally, from inception to each anniversary day);
- paid dividends (including eligible and non-eligible dividends, and certain deemed dividends); or
- paid royalties.
In addition for the 2018 and subsequent taxation years, T5 Summary and Supplementary reporting is required in respect of interest payments on account of money loan to, money on deposit with, or property of any kind deposited or placed with a trust. This also applies to a partnership.
Please note that exceptions to the above rule include:
- interest paid by one individual to another, such as interest paid on private mortgages;
- interest paid on loans from banks or other financial institutions;
- interest paid or credited to non-residents (NR) of Canada (which must be reported on separate NR forms);
- capital dividends paid to Canadian residents by corporations; and
- total amounts paid for the year if they are $50 or less per recipient.
If you file more than fifty T4 slips or fifty T5 slips for a calendar year, you must file the information returns over the internet.
Be sure to use current versions of T4 and T5 Summaries and Supplementaries to accommodate Government scanning requirements.
By March 31, 2019
If you are the trustee of an inter-vivos trust or a testamentary trust with a December 31, 2018 year-end, you must complete and file the following:
- T3 Trust return and supplementary forms by March 31, 2019. Please note the requirement to separately disclose eligible and non-eligible taxable dividends; and
- T4 and T4A reporting forms for executor trustee fees paid (as noted above, these are due by February 28, 2019).
If you have paid or credited an amount to a non-resident of Canada such as:
- investment income (interest, dividends);
- estate or trust income;
- pension or annuity income;
- royalties; or
- acting services in a film or video production,
you must complete and file an NR4 Summary and Supplementary reporting form by March 31, 2019.