Important dates for payroll
Death of an owner
When the owner of a sole proprietorship dies, a final personal income tax and benefit return has to be filed by a certain date.
It may also be necessary to close all CRA business accounts and the business number after all final returns are processed and all amounts owing are paid.
Hiring an employee - You will have to register for a payroll program account and get your employee to complete a TD1 form within seven days of any change or new employment.
Retention period - There is a six year requirement for keeping your records, after the year the documents relate to.
Early destruction - In some cases, the CRA may give you permission to destroy your records before the six years have passed.
Most employers, trustees, and administrators need a payroll program account.
Remittance due dates
If you have employees, you have to file a T4 or T4A information return, as applicable, and send information slips to your employees each year by the last day of February following the calendar year to which the information slips apply.
What should you do if your business stops operating? - Send all CPP contributions, EI premiums, and income tax deductions to your tax centre within seven days of the day your business ends.
Complete the necessary T4 or T4A slips and summaries, and file them within 30 days from the date your business ends. If you file your information returns electronically, see Filing Information Returns Electronically (T4/T5 and other types of returns). If you file on paper, send them to the Ottawa Technology Centre.
- Electronic filing options will be available starting January 9, 2017.
- Payroll Deductions Online Calculator (PDOC) is usually updated January 1 and July 1.
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