In the course of preparing the 2022 financial statements for your organization, you may recall that it was necessary to declare management salaries in addition to any salaries or wages you may have paid to regular employees.
If you have not made any payroll remittances for 2022 for your management salaries, please contact Marnina Nattrass or Ryan Lore at the email addresses or phone numbers listed below. If required, we recommend a nominal payment be made to The Receiver General of Canada by January 10, 2023. The remittances should be made to your company’s payroll “RP” account. They will be incorporated into your 2022 T4 slips.
If you plan to remit only a nominal amount of income tax, you should be aware that CRA now places a heightened emphasis on assessing interest on the difference between the tax actually paid and the theoretical amount to be remitted according to the Canada Revenue Agency’s published withholding guides. Consequently, in today’s tax environment, it is preferable to make regular monthly remittances throughout the year, rather than a single payment once a year (whether nominal or otherwise). Please contact us if you require further assistance on this matter.
In order for Lohn Caulder LLP to prepare your 2022 T4s, we will require the necessary information by no later than the end of January 2023. This information would include a summary of your calendar-year payroll records. The filing deadline for T4s is February 28, 2023 and it is your responsibility to ensure that this filing deadline is met to avoid penalties.
Electronic filing of T4s is now mandatory. Therefore, once we have received and processed your information, we will electronically file the T4 Information Returns to the CRA. The copies which you later receive from us will be strictly for your own files, and your employees if applicable.
Ms. Marnina Nattrass and Mr. Ryan Lore of our office are in charge of T4s – please contact them if you have any questions. Marnina’s email is firstname.lastname@example.org, and her direct dial telephone is 604-408-3013. Ryan’s email is email@example.com, and his direct dial telephone is 604-408-3079.
Thank you in advance for your assistance and co-operation.