T4 Summary, what is it?

Your T4 Summary is a report that Revenue Canada requires. It is a summary of all your payroll deductions deducted from your employees for the tax year, plus all the employer’s payroll contributions for the same period of time. What we have just described is also explained in our document “Remittances, what are they”. Your T4 Summary Report is due to be filed with Revenue Canada by the last day of February of the following year. If you are late in filing your T4 Summary you could be faced by a penalty imposed on you by Revenue Canada.
If you have more than one payroll account you have to file a separate T4 summary for each account. If you file more than 50 (T4 slips) you must file your return online.
You can file your T4s electronically or on paper. If you choose to file electronically, you do not need to send in your paper copies of the T4 slips or Summary. If you choose to file on paper use the T4 summary to report the totals of the amounts listed on your T4 slips. Send your originals in when you file and keep one copy for your files. If you owe money enclose a cheque or money order payable to the Receiver General for the amount owing. If you send in your payment late, you may be responsible for paying interest on that amount.

At A1 payroll we have certified professional staff who can help you with your payroll. Contact A1 payroll services today by calling 1-877-262-4464 or by completing the online form.