EMPLOYERS
By February 28, 2025
If you paid salary, employment commissions or employee benefits from January 1 to December 31, 2024, you must complete and file the T4 Summary and Supplementary reporting forms.
Note that retiring allowances, including termination and severance pay, must be reported on T4s and amounts eligible for transfer to a Registered Retirement Savings Plan (RRSP) are reported separately on this form from those that are ineligible for such transfers.
By March 15, 2025
Employers must complete and file the Ontario Employers' Health Tax Annual Return. You can expect to receive this return from the Provincial Government in January 2025.
Generally, employers are exempt from Ontario Employers' Health Tax on the first $1M of Ontario payroll. This exemption must be shared among associated employers. This exemption is eliminated for private sector employers with annual Ontario payrolls over $5M.
Additional Filings
Employers are required to complete and file Ontario Workers' Compensation Returns on the dates indicated on each respective form.Considerations
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, for a detailed listing of benefits.
Ensure that all employee benefits that are taxable supplies include Harmonized Sales Tax (HST).
Contact your Crowe Soberman advisor to help you calculate complex GST/HST-included automobile benefits and employee loan interest benefits.
TAXPAYERS
By February 28, 2025
You must complete and file a T5 Summary and Supplementary reporting form if you paid interest, dividends or royalties to Canadian resident(s).
Electronic Filing
If you file more than 50 T4 slips or 50 T5 slips for a calendar year, you must file the information returns online.
By March 31, 2025
Under the new trust disclosure rules, all trusts (including bare trusts), unless certain conditions are met, will be required to file an annual T3 Trust Return (and the respective supplementary forms) by March 31, 2025.
The Canada Revenue Agency (CRA) will not require bare trusts to file a T3 Trust Return for the 2024 tax year, unless the CRA makes a direct request for these filings. This is a continuation of the exemption from the trust reporting requirements that was issued for bare trusts for the 2023 tax year. Contact your Crowe Soberman advisor for more information on the rules and potential exceptions. If your trust will be filing a trust return for the first time, it will need to obtain a trust account number before being able to electronically file the return. A trust will generally need to disclose information about the settlor, trustees, and beneficiaries including name, address, date of birth, country of residence and tax identification number.
- T4 and T4A reporting forms for executor or trustee fees paid are due by February 28, 2025.
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;
- Rents;
- 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, 2025.
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.
