February Filing Deadline Reminders
February is the month of many filing deadlines for businesses. Are you aware of the February filing obligations for your business? It is crucial to stay proactive and well-informed to avoid last-minute panic and unnecessary penalties for missed or late filings. We have compiled a list of the most common filings required.
– The Noseworthy Chapman Team
Helpful Links & Guides
Workplace NL Annual Employer Statements are due February 29
Employers that have payroll are required to report their Annual Employer Statement by February 29th, 2024.
This includes:
- Employer Payroll Statement,
- Occupational Health and Safety Statement,
- Employer Contractor Statement.
Information about how to file your 2023 Annual Employer Statement online is found here:
Statutory Holiday Fact Sheet
We have created a Statutory Holiday Fact Sheet to inform you of the mandatory paid holidays in Newfoundland & Labrador, as well as how your employees can be compensated for these days:
File Your Annual Return with the Registry of Companies
Companies registered in Newfoundland and Labrador are required to file an annual return with the Registry of Companies.
Information about how to determine when you must submit your annual return, how to file online, associated fees, and required forms can all be found here:
Government of Newfoundland and Labrador Health and Post-Secondary Education Tax
If the gross payroll for your company, or group of associated companies, exceeds $2,000,000 for the 2024 calendar year, then you are required to pay the Government of Newfoundland and Labrador Health and Post-Secondary Education Tax (HAPSET).
Remittances are due the 20th of the month following the month you reached the maximum exemption.
The HAPSET worksheet:
Information about HAPSET can be found here:
2023 T4, T4A, and T5 filing deadline is February 29
There are some important things to note while you prepare to file your 2023 T4, T4A, and T5:
- Greater than five T-Slips must be electronically filed.
- Late filings are subject to penalties.
- T4 new Box 45 Dental Care Plan reporting required,
- T4A Box 015 Dental Care Plan reporting required.
More information about the changes can be found here:
Steps to file online can be found here:
Canada Revenue Agency CPP Enhancement
Canada Revenue Agency has implemented a CPP enhancement. Beginning in 2024, an additional maximum pensionable earnings (second higher ceiling) was introduced. Employees and employers may now be required to make a second additional CPP contribution (CPP2).
More information about the changes can be found here:
Canada Revenue Agency Insurable Earnings Changes
Canada Revenue Agency has increased maximum insurable and accessible earnings for 2024. These changes will impact your payroll remittances.
Information on the changes can be found here:
Information on 2024 Assessment Rates changes from WorkplaceNL:
2024 Tax Facts
We have compiled the 2024 Tax Facts for Newfoundland & Labrador Residents on our website to keep you in the know:
It’s essential to stay informed about these deadlines and any changes in tax laws that may affect your tax planning strategies. Consider working with a tax professional to ensure you meet all deadlines and take full advantage of available opportunities to minimize your tax burden.
Noseworthy Chapman has been a trusted partner to hundreds of businesses in the province for over 40 years. Contact us to see how we can make 2024 the most profitable yet.
