T4/T5/T5018 Year‑End Slips
Professional T4 T5 T5018 slips Vancouver services that prepare accurate employee, shareholder, and subcontractor year-end slips to ensure compliance and avoid penalties and re-filings.
Our T4 T5 T5018 slips Vancouver services prepare all required year-end information slips for BC corporations. We handle T4 slips for employees, T5 slips for shareholders, and T5018 slips for subcontractors, ensuring accuracy, timely filing with CRA, and proper distribution to recipients. We coordinate with Payroll Services to access payroll data for T4 preparation and work with Corporate Tax Preparation Services (T2 Filing) when slip amounts affect corporate tax calculations.
Trust and Value
Accurate Preparation
Precise T4, T5, and T5018 slip preparation ensures all amounts are correctly calculated and reported, avoiding errors and re-filings.
Timely Filing
T4, T5, and T5018 slips filed with CRA on schedule and distributed to recipients on time, ensuring compliance and avoiding penalties.
Amendment Support
Handling of original slips, amendments, and cancellations to correct errors and ensure accurate reporting to CRA and recipients.
Secure Data Collection
Secure collection of worker information through encrypted portals and checklists, protecting sensitive personal and financial data.
What's Included
Our T4 T5 T5018 slips Vancouver services include comprehensive year-end slip preparation:
- T4 slip preparation for employees (wages, benefits, deductions)
- T5 slip preparation for shareholders (dividends, interest)
- T5018 slip preparation for subcontractors (payments to contractors)
- Filing of all slips with CRA
- Distribution of slips to recipients
- Amendment and cancellation services
- T2200/T2200S form guidance and documentation support
- Coordination with Bookkeeping Services for accurate record-keeping
How It Works
Data Collection
We securely collect worker information through encrypted portals and checklists, ensuring all required data is gathered accurately.
Preparation
T4, T5, and T5018 slips are prepared accurately based on payroll, dividend, and contractor payment records.
Review
All slips are reviewed for accuracy before filing and distribution to ensure compliance and avoid errors.
Filing & Distribution
Slips are filed with CRA and distributed to recipients on time, ensuring compliance and enabling proper tax filing by recipients.
Who It's For
Our T4 T5 T5018 slips Vancouver services are designed for:
- BC corporations with employees requiring T4 slip preparation
- Companies paying dividends to shareholders needing T5 slips
- Businesses using subcontractors requiring T5018 slip preparation
- Organizations needing assistance with slip amendments or cancellations
- Employers requiring guidance on T2200/T2200S forms for employee expenses
Common Slip Mistakes & Best Practices
Understanding common mistakes in year-end slip preparation helps ensure accuracy and avoid re-filings. Here are examples of correct and incorrect approaches to common slip situations:
You collect Social Insurance Numbers (SIN) for all employees and Business Numbers (BN) for all subcontractors before preparing slips. All slips include complete and accurate identification information, ensuring CRA can properly match slips with tax returns.
You prepare slips without collecting SINs for employees or BNs for subcontractors. Slips are filed with incomplete identification information, which can result in CRA rejection, delays in processing, and potential penalties for incomplete filing.
You correctly classify workers as employees or contractors based on their working relationship. Employees receive T4 slips, while contractors receive T5018 slips, ensuring proper tax treatment and compliance with CRA classification rules.
You misclassify contractors as employees or employees as contractors. Contractors receive T4 slips instead of T5018 slips, or employees receive T5018 slips instead of T4 slips, resulting in incorrect tax reporting and potential CRA assessments.
You ensure T4 slip amounts match payroll remittances filed throughout the year. All amounts reported on T4 slips reconcile with remittance filings, ensuring consistency and avoiding CRA discrepancies or assessments.
You prepare T4 slips with amounts that don't match payroll remittances filed during the year. T4 slip totals differ from remittance totals, creating discrepancies that can trigger CRA reviews, assessments, and potential penalties.
Year-End Slip Inputs Checklist
To ensure efficient and accurate slip preparation, please provide the following information:
- Employee information (names, SINs, addresses) for T4 slips
- Payroll records showing wages, benefits, and deductions for the year
- Shareholder information (names, SINs, addresses) for T5 slips
- Dividend payment records and amounts for T5 slips
- Subcontractor information (names, BNs, addresses) for T5018 slips
- Contractor payment records and amounts for T5018 slips
- Remittance records to verify amounts match slip totals
- Any adjustments or corrections needed for prior periods
Re-Filings & Record Retention
Incorrect slip preparation can result in re-filings, penalties, and compliance issues, and proper record retention is essential for audit readiness. Errors in slip amounts, missing information, or incorrect classifications can require amended slips to be filed, which involves additional time and costs. Re-filings may also trigger CRA reviews or assessments, potentially resulting in penalties and interest charges. Additionally, slip records must be retained for the period required by CRA regulations, typically several years, and records must be available for CRA review if requested. Without proper record retention, you may be unable to support slip amounts or respond to CRA inquiries, which can lead to assessments or penalties. We help ensure slips are prepared accurately to avoid re-filings, but slip accuracy depends on complete and accurate information from you. It's important to maintain complete slip records and supporting documentation for audit readiness and compliance.
Frequently Asked Questions
Yes-originals, amendments, and cancellations. We handle original slip preparation, amended slips to correct errors, and slip cancellations when needed. If errors are discovered in previously filed slips, we prepare amended slips with corrected information and file them with CRA. Amended slips must be filed within certain time limits, and we help ensure amendments are filed promptly and accurately. We also handle slip cancellations when slips are issued incorrectly and need to be cancelled before filing. However, amendment and cancellation processes depend on CRA requirements and timing, so we coordinate efficiently but cannot guarantee specific processing timelines. We work to correct errors promptly and ensure accurate slip reporting to CRA and recipients.
We advise on eligibility and documentation. T2200 and T2200S forms are required for employees who incur employment-related expenses and want to claim deductions on their personal tax returns. We help determine which form to use-T2200 for detailed expense claims or T2200S for simplified claims-based on the types of expenses and amounts involved. We advise on eligibility requirements, help determine if employees qualify for expense deductions, and ensure proper documentation is prepared. We also help ensure forms are properly completed and signed by employers before distribution to employees. However, form eligibility and documentation depend on specific employee circumstances and expense types, so we provide guidance based on information provided rather than guarantees of specific outcomes. We help ensure forms are prepared correctly to support employee expense claims while maintaining compliance with CRA requirements.
Through encrypted portals and checklists. We use secure, encrypted portals to collect worker information including Social Insurance Numbers, addresses, and other personal data required for slip preparation. Encrypted portals protect sensitive information during transmission and storage, ensuring data security and privacy compliance. We also provide checklists to guide information collection, ensuring all required data is gathered accurately and completely. However, secure collection depends on timely submission of complete information through the portals, and delays in providing information can affect slip preparation timelines. We work to ensure information is collected securely and efficiently, but timely submission of complete information is essential for accurate and on-time slip preparation. We maintain strict data security practices to protect sensitive worker information throughout the slip preparation process.
T4, T5, and T5018 slips must be filed with CRA and distributed to recipients by specific deadlines after the calendar year-end, typically by the end of February. The exact deadline may vary slightly by year, so it's important to be aware of current year deadlines. Our slip preparation process begins with secure data collection through encrypted portals, where we gather all required worker information including SINs, addresses, and payment amounts. We then prepare slips based on payroll, dividend, and contractor payment records, ensuring amounts are accurately calculated and reported. All slips are reviewed for accuracy before filing, and we coordinate filing with CRA and distribution to recipients to ensure deadlines are met. However, timely preparation depends on receiving complete information from you promptly, so we emphasize the importance of early data collection. We work to ensure slips are prepared and filed by deadlines, but timely submission of complete information is essential for on-time filing.
Yes, we provide guidance on proper classification of shareholders and contractors to ensure correct slip preparation. Shareholders receiving dividends should receive T5 slips, while contractors receiving payments for services should receive T5018 slips. Proper classification is important because incorrect classification can result in wrong slip types being issued, which can affect tax reporting and compliance. We help determine whether payments are dividends (T5) or contractor payments (T5018) based on the nature of payments and relationships. We also help distinguish between employees (T4), contractors (T5018), and shareholders (T5) to ensure each receives the correct slip type. However, classification depends on specific circumstances and CRA interpretation, so we provide guidance based on information provided rather than guarantees of specific classifications. We help ensure proper classification to support accurate slip preparation and compliance with CRA requirements.
Get Started Today
Ready to prepare your year-end slips? Contact us to discuss how our T4 T5 T5018 slips Vancouver services can support your compliance needs.
