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E-Myth – “Why most small businesses don’t work & what to do about it”

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Edmonton Accounting Firm | Get In A Rut With Filing

Edmonton accounting firm says to keep the Canada revenue agency off of your back in terms of looking at getting audited or not for your small business, there are two things that you can potentially do.

The number one thing that you can do is make sure the file all of your remittances and all of your T fours and T fives on time. Whether you think that it is going to be short on money and you haven’t submitted enough, or that you are legitimately uncertain if you have filled out the forms in time or not it doesn’t matter. Just make sure that you have submitted on time and that the Canada revenue agency gets it before the deadline.

The second thing that would you can do in order to keep the Canada revenue agency at bay, is to pay your payroll remittances on time as well. This is super important in that if you don’t do any of these two things, then you are going to suspicion and they may take a very close look at what you have been doing from within your business.

Edmonton accounting firm wants you to understand that, just because as an occupation you are a dancer or a lawyer, it doesn’t necessarily mean that you’re going to absolutely know everything about filing your T fours and your T fives. Bear in mind however, that because you don’t know anything about being accountant, or taking care of your own finances, retaining a charter professional accountant, is absolutely going to be vital.

The money that is coming out of your corporation, is going to be for personal benefit, and personal benefit only. However, it is also going to be for a non-cash personal benefits that are coming out of the Corporation as well. Whether it is a lot of the small business owners that are taking in and take out of the small business or the Corporation, or for employers there are generally going to have to come out in the form of salary. Dividends are different, but now we are talking about salary.

Edmonton accounting firm once you understand that this will result in you having to file a T4. Or the dividends with results in a lot of T5’s.

T4 is definitely going to relate to the wages or the salary so it is employment income on T fours. Either the owner or an arms length employee of a corporation can legitimately get a salary or wage of employment.

This is going to be income that is going to be coming out of the Corporation and it is going to look require you filling out a T5. Those are going to be for dividends from a corporation. And dividends are only paid to the owners on shareholders of a specific Corporation ergo, your corporation.

Make sure that you understand that with personal benefits comes personal loss, and personal responsibility.

Can You Come And See This Edmonton Accounting Firm?

It is no doubt that make sure you understand what Edmonton accounting firm is advising you. They are saying that you need to understand and get a charter professional accountant to help you with all of your files as you take care of other aspects of your business. If you are too busy being stressed, and running from here to there, you’re never going to be as grey to help to your employees, who are potentially starting a brand-new business and learning your business so the they can help you to retain money.

Make sure that you are strong in the fact that you are going to be asking for help from a charter professional accountant. That is CPA can understand and do all of the T fours and T fives for each and every one of your employees. Make sure the payroll auditor will ask for a general ledger and a bank statement from your charter professional accountant.

T fours are going to total up what was all of the Canada pension plan that was taken off of each check. And the employer contributions are also going to be factored in so that they match. What was the employment insurance removed off of each check. It can be a set rate which is 1.4 then what is the tax that is taken off and they’re going to add all five items, because it’s reported on all of the T fours. That’s why it has to be reported on all five of the items. Files on the T4 with the T4 summary. So you need a T4 file, a T4 form, and a T4 summary. It’ll have the total remittances that should have been submitted.

They are going to compare the numbers. Edmonton accounting firm will make sure that you have legitimately submitted enough.

If you haven’t submitted enough you are going to be able to get a bill in the mail and you are going to have to pay that bill in a very timely manner.

Edmonton accounting firm also consults with us and says that no, T fives are not source deductions. It is just the payroll income that has source deductions where you have to be sending in remittances. Those remittances will go directly off to each check.

It is likely, that both are due at the end of February, and they are filled out and filed and they get them in to the CRA.

The T4 income can be legitimately an expense on the Corporation or are income statements.

Keep that as a short pay and the payroll remittances for the employees. Sometimes you have to pay the payroll remittances for the employer as well. But that is neither here nor there. The shareholders also are going to be able to declare what they have in their T4 and what they have in their T5. It is on a shareholder loan or a dividend income which should be deducted and factored in by your charter professional accountants.