T4 Summary
What is T4 summary?
If you are an employer then you must have to file your T4 Information Return and Summary Forms to CRA as soon as the year ends usually its last date is by the end of February. T4 summary list down followings for a calendar year
- Total Employment income
- Total Employee's CPP contributions
- Total Employee's EI premiums
- Total Employer's EI premiums
- Total Registered pension plan (RPP) contributions
- Total Income tax deducted
- Total Employer's CPP contributions
- Total deductions
- Remittance paid
- Any balance due
- Pension adjustment
- Total number of T4 slips
Dead line for T4 Summary
For 2011 deadline for filing T4 Summary is February 29, 2012. To avoid penalties imposed by CRA T4 Summary should be filed within due date.
T4 Summary in SimplePay
SimplePay provides T4 Summary and T4 Summary XML in just few clicks all the calculations and records automatically calculated with precision and accuracy.
Guide Lines for Completing T4 Summary
Following guidelines can help for completing T4 Summary
- All the amounts should be in Canadian Dollars in your T4 Summary
- Totals of T4 summary must be same as reported in T4 slips
Instructions to Complete T4 Summary
Enter your 15 characters payroll account number at the top area of the T4 Summary. Following instructions can help you for completing your T4 Summary
1) Year in T4 Summary
Enter last 2 digits of the calendar year of which you are completing T4 Summary
2) Line 14 of T4 Summary - Employment Income
Enter sum of all box 14 of all the T4 Slips here
3) Line 16 of T4 Summary - Employee's CPP contribution
Enter sum of all box 16 of all the T4 Slips here
4) Line 18 of T4 Summary - Employee's EI premiums
Enter sum of all box 18 of all the T4 Slips here
5) Line 19 of T4 Summary - Employer's EI premiums
Enter Employee's EI premiums and multiply it with 1.4 here which is employers share
6) Line 20 of T4 Summary - Registered Pension Plan (RPP) Contributions
Enter sum of all box 20 of all the T4 Slips here
7) Line 22 of T4 Summary - Income Tax deducted
Enter sum of all box 22 of all the T4 Slips here
8) Line 27 of T4 Summary -Employer's CPP contributions
Enter employers CPP contributions here
9) Line 52 of T4 Summary - Pension Adjustment
Enter sum of all box 52 of all the T4 Slips here
10) Line 74 & 75 of T4 Summary - unincorporated employers
Enter Social Insurance numbers (SIN) of principal owner's here
11) Line 76 & 78 of T4 Summary - Contact Person
Enter Contact person information of T4 Summary here
12) Line 80 of T4 Summary - Total Deductions
Enter sum of all the deductions reported in T4 Summary here
13) Line 82 of T4 Summary - Minus: Remittances
Enter total amount of remittances that you have remitted here. Subtract 80 from 82 and enter the difference in the line below this line
14) Line 84 of T4 Summary - Over Payment
If there is over payment it will be reported here
15) Line 86 of T4 Summary - Balance Due
If there is Balance due it will be reported here
16) Line 88 of T4 Summary - Total T4 Slips
Enter total of all the T4 Slips that you have reported here