If you paid salary, employment commissions or employee benefits from January 1 to December 31, 2022, you must complete and file:
Note that amounts eligible for transfer to an RRSP are reported separately on this form from those that are ineligible for such transfers.
Employers must complete and file the Ontario Employers' Health Tax Annual Return. You should receive this return from the Provincial Government in January 2023.
Generally, employers are exempt from Ontario Employers' Health Tax on the first $1,000,000 of Ontario payroll. This exemption must be shared among associated employers. This exemption is eliminated for private sector employers with annual Ontario payrolls over $5 million.
A registered charity that has more than one qualifying charity campus may claim the lesser of the $1,000,000 exemption and the campus’ total payroll for each "qualifying charity campus". A campus is considered a qualifying charity campus if it is publicly advertised and registered with the Ministry of Finance. Certain conditions and restrictions apply.
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 the Harmonized Sales Tax (HST).
See Appendix 1 to help you calculate complex GST/HST-included automobile benefits and employee loan interest benefits.
T4 forms are available through our office, and we can assist you in their preparation.
You must complete and file a T5 Summary and Supplementary reporting form if you:
In addition, T5 Summary and Supplementary reporting is required in respect of interest payments on account of money loaned 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:
If you file more than 50 T4 slips or 50 T5 slips for a calendar year, you must file the information returns over the internet.
T5 forms are available through our office, and we can assist you in their preparation.
Be sure to use current versions of T4 and T5 Summary and Supplementary forms to accommodate Government scanning requirements.
If you are the trustee of an inter-vivos trust or a testamentary trust with a December 31, 2022 year-end, you must complete and file the following:
If you have paid or credited an amount to a non-resident of Canada such as:
you must complete and file an NR4 Summary and Supplementary reporting form by March 31, 2023.
Forms are available through our office, and we can assist you in their preparation.
This article has been prepared for the general information of our clients. Specific professional advice should be obtained prior to implementing of any suggestions in this article. Please note that this publication should not be considered a substitute for personalized tax advice related to your particular situation.
Related Posts
Contact Us