Bookkeeping and Payroll Tax Tips
Effective bookkeeping is a crucial aspect of running a successful business, ensuring that your finances are organized, accurate, and compliant with all relevant regulations. As a business owner, staying on top of your financial responsibilities can be challenging, but understanding key areas such as T4/T5 filings and WHSCC contributions is essential. This month, we will explore valuable bookkeeping tips to help you manage payroll taxes, ensure accurate reporting for T4/T5 slips, and navigate the complexities of WHSCC requirements. By following these tips, you can maintain smooth financial operations and avoid costly errors.
— The Noseworthy Chapman Team
Helpful Links & Guides
Annual Employer Statements
Annual Employer Statements are due February 28th, 2025!
This includes the Occupational Health and Safety Statement and the Employer Contractor Statement for Workplace NL.
Annual Returns
Did you know companies registered in Newfoundland and Labrador are required to file an annual return with the Registry of Companies?
Health and Post-Secondary Education Tax (HAPSET)
Will your gross payroll for your company, or group of associated companies, exceed $2,000,000 for the 2025 calendar year?
If so, 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.
T4 and T5 Filing
The 2024 T4, T4A, and T5 filing deadline is February 28th, 2025!
Late filings are subject to penalties, so prepare to file early!
Maximum Insurable Earnings for 2025
Canada Revenue Agency increases maximum insurable and accessible earnings for 2025! Please read the article below to learn about the MIE increase, EI premium rates, and EI benefit rates
WorkplaceNL’s 2025 Average Assessment Rate
WorkplaceNL holds the average assessment rate steady for 2025! Please read the article below to learn about WorkplaceNL’s assessment rates, PRIME program, and Maximum Compensable and Assessable Earnings (MCAE).
Electronic Payments to CRA
To encourage more electronic payments, CRA will impose a penalty of $100 for all payments of $10,000 or more that are paid by cheque.
Consider implementing electronic payments to avoid this penalty!
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.
