Tax Season is Here!
Nanny Tax & Payroll

Tax Season is Here!

by Trisha Heathcote

It's that time of year where employees throughout Canada are getting their T4 slips from their employers, and getting ready to file their taxes with the Canada Revenue Agency. You may be organized and prepared for this, or you may be completely overwhelmed and completely dreading the task.

As an employer of a nanny or caregiver, it is your responsibility to provide your nanny with a T4 slip for income earned the previous year. You must provide this to them by February 28, 2015 and file the T4 slip, along with a T4 Summary,  with the CRA.

So, what information do you need to complete these forms?

  • Nanny's name, address, and SIN
  • Total gross income for the year
  • Itemized amount for all deductions (CPP, EI, income taxes)

To complete the T4 Summary, you need the following information:

  • Your CRA business number
  • Your nanny's gross income amount
  • Itemized amount for all deductions (CPP, EI, income taxes)
  • Amount of your employer CPP and EI premiums

To help you file these documents, the CRA provides you with the option of filing electronically (via Internet File Transfer) or using Web Forms; however, you can also file them by paper and mailing it. Note: if you choose to mail, be sure they are post marked by February 28th, otherwise you could be assessed a penalty.

If you find that you don't have time to prepare these documents by the approaching deadline, our payroll service can help! Call us at 1-877-795-1164 or email payroll@canadiannanny.ca today!

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