T4/T4A/T5018 Forms

If you pay employees, you are obligated to complete a T4 Slip. The T4 form, known as the Statement of Remuneration paid is what a business uses to report income earned during the year by an employee.

If you receive income from pensions, retiring allowance, annuities or other income, then you will receive a T4A Slip for your tax filing. The T4A form, known as the Statement of Pension, Retirement, Annuity, and Other Income, is used to report income from pensions, retiring allowances, annuities, or other income.

If you pay subcontractors (mostly in construction industry) you are obligated to complete a T5018 slip. The T5018 form, known as the Statement of Contract Payments, is what a business uses to report income earned by a subcontractor.

If you paid employees or subcontractors then you might be required to prepare & distribute year-end slips

Besides the individual T4, T4A, and/or T5018 slip for employees, businesses are required to fill out a separate T4 Summary, T4A Summary, and/or T5018SUM for each of their payroll accounts to reflect the amounts indicated on the individual slips.

At Profit & Loss Management, we help our clients prepare their year-end T4, T4A, and T5018 slips. If you are an employer and looking to have your year-end payroll slips prepared then get in touch with our team. We will prepare the slips for your business, distribute them to your employees, and submit to Canada Revenue Agency as well. We will also prepare T4 Summary, T4A Summary, and/or T5018SUM if necessary and submit to CRA on your behalf.

A T4 Summary/T4A Summary can be filed online or via mail.

If you are looking to have one firm take care of accounting and tax needs then you have arrived at the right spot! We offer a special service which we call Outsourced Accountant through which we can take care of all the accounting, payroll, hst, consulting, personal tax, and corporate tax needs for you and your business! Curious if that is suitable for you? Click on the following link to find out more:

What is Outsourced Accountant?

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