In the course of preparing the 2024 financial statements for your organization, you may recall that it was necessary to declare management salaries in addition to any salaries or wages you may have paid to regular employees.
If you have not made any payroll remittances for 2024 for your management salaries, please contact Ryan Lore at the email address or phone number listed below.
If you plan to remit only a nominal amount of income tax, you should be aware that CRA now places a heightened emphasis on assessing interest on the difference between the tax actually paid and the theoretical amount to be remitted according to the Canada Revenue Agency’s published withholding guides. Consequently, in today’s tax environment, it is preferable to make regular monthly remittances throughout the year, rather than a single payment once a year (whether nominal or otherwise). Please contact us if you require further assistance on this matter.
In order for Lohn Caulder LLP to prepare your 2024 T4s, we will require the necessary information by no later than the end of January 2025. This information would include a summary of your calendar-year payroll records. The filing deadline for T4s is February 28, 2025 and it is your responsibility to ensure that this filing deadline is met to avoid penalties.
Electronic filing of T4s is now mandatory. Therefore, once we have received and processed your information, we will electronically file the T4 Information Returns to the CRA. The copies which you later receive from us will be strictly for your own files, and your employees if applicable.
There is a change for the 2024 payroll year onwards to be made aware of with regards to the Canada Pension Plan. A CPP enhancement was introduced which adds an additional maximum pensionable earnings amount above the original limit, and a second withholding rate in between the two limits. You will notice this “CPP2” contribution amount in box 16a of your T4 slips if it is required.
The WorkSafe BC Annual Payroll Report and Payments are typically due between the end of February and early March. If you are required to file for 2024 and would like our assistance in doing so, please send any relevant information to our office so we can file on your behalf.
The filing deadline for Employer Health Tax returns is March 31, 2025. For 2024, employers with BC salaries less than $1,000,000 are exempt from paying any Employer Health Tax. This exemption amount has increased from $500,000 in 2023. If you need assistance in filing the return, or need to register due to salaries exceeding the 2024 exemption amount, please contact our office.
Mr. Ryan Lore of our office is in charge of T4s – please contact him if you have any questions. Ryan’s email is rlore@lohncaulder.com, and his direct dial telephone is 604-408-3079.
Thank you in advance for your assistance and co-operation.
