Ask an accountant: T4s and WCB annual returns

Francesca Giroux, CGA
For the Lakeside Leader

2018 T4s, T5s and the applicable summaries are due to be filed by February 28, 2019. In order to complete these you will require your payroll records, T4 Electronic Web Access Code if received, the name, address and social insurance number of all employees, and a copy of your final remittance made in January 2019 for December 2018.

Your WCB annual return is also due February 28, 2019. If you wish for your accountant to assist with this, they will need the annual return, T4s and T4 summary, an estimate of your payroll costs for 2019, information on 2018 and 2019 subcontractors without a WCB account of their own, and your desired personal coverage amount, you can elect for no coverage, however if you do desire coverage the minimum is $28,400 to a maximum of $98,700. Personal coverage renews automatically every year so if you need to change the amount of coverage you will have to contact WCB directly.

If you prepare your payroll with a computer payroll program or you need to update your TD1s be sure to update the basic exemption claims to: Federal $12,069 and Alberta $19,369. In addition, the new rates and maximums for EI and CPP are as follows: EI 1.62 per cent and $860.22, CPP 5.10 per cent and $2,748.90.

If you prepare your records on a computer program you may wish to enable the date protection feature to sometime late in 2018 to ensure you don’t inadvertently enter something as January 2018 instead of 2019 and avoid complications at your next year end.

Just as a reminder, you can still contribute to an RRSP up to March 1, 2019 for deduction on your 2018 Personal Income Tax Return. To determine how much RRSP contribution room you have, check your 2018 Notice of Assessment. As well if you haven’t yet contributed this calendar year, you can now put an additional $6,000 into your TFSA Tax Free Savings Account.

Please e-mail your questions to [email protected]

Information provided is of a general nature. As each individual or company’s situation is unique, you may wish to consult with your CPA for information specific to your own needs.

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