Deck 12: Important Information About T4 Forms and Filing Requirements

Question 1

Employers are welcome to continue using paper T4 forms no matter how many employees they have.

Answer 1

False

Question 2

It is permissible to send different versions of T4s to CRA than the employee receives.

Answer 2

False

Question 3

A separate T4 summary will need to be filed for every employee on payroll.

Answer 3

False

Question 4

Repeat offenders for late filing of the Ontario Health Tax Return may face stiffer penalties than first offenders.

Question 5

Employers may be exempted from paying the Ontario Health Tax if their Total Ontario Remuneration falls below the annual exemption threshold.

Question 6

First time offenders who file the Ontario Health Tax Return late may face penalties of up------------ to of the tax owing.

A) 50%
B) 38%
C) 8%
D) 17%
E) 20%

Question 7

How many copies of each T4 at minimum are required?

A) 2
B) 3
C) 5
D) 4
E) 1

Question 8

If an employer has greater than-------------- employees, they must submit T4selectronically through the internet.

A) 50
B) 25
C) 500
D) 5
E) 100

Question 9

Include this in Box 14 of the T4:

A) All employment income less deductions made for the year
B) All salary and wages excluding bonus and vacation pay
C) All federal and provincial taxes deducted
D) All employment income before deductions
E) All salary, wages, severance, RRSP payments, and bonuses

Question 10

If an employee is under the age of 18, what additional T4 box will need to be adjusted for them?

A) Box 44
B) Box 26
C) Box 24
D) Box 22
E) Box 28

Question 11

When are personal tax filings typically due?

A) By April 15^th of the subsequent year
B) By April 30^th of the subsequent year
C) By April 1^st of the subsequent year
D) By the last day of February of the subsequent year
E) By December 31^st of the current year

Question 12

When must the T4 slip be submitted to the Canada Revenue Agency by?

A) By April 15^th of the subsequent year
B) By April 30^th of the subsequent year
C) By April 1^st of the subsequent year
D) By the last day of February of the subsequent year
E) By December 31^st of the current year

Question 13

The Ontario Workers Compensation Reconciliation Form is due by:

A) The last day of February of the subsequent year
B) April 30^th of the subsequent year
C) March 31^st of the subsequent year
D) April 15^th of the subsequent year
E) December 31^st of the current year

Question 14

The Ontario government requires that employers submit an Ontario Health Tax Return by:

A) April 15^th of the subsequent year
B) March 31^st of the subsequent year
C) December 31^st of the current year
D) The last day of February of the subsequent year
E) April 30^th of the subsequent year

Question 15

What do you do if you do not have the SIN when completing a T4?

A) Do not file the T4
B) Leave it blank
C) Enter nine 0's
D) Enter nine 9's
E) Use your SIN

Question 16

This deductions from Gross Earnings is not allowed in the annual Workers Compensation Reconciliation Form.

A) Non-insurable gross earnings for out of province workers
B) Executive Officer's earnings
C) Excess earnings over the assessable maximum per employee
D) Contractors' Earnings for contractors not supplying a clearance certificate
E) Non-insurable gross earnings

Question 17

If the Ontario Workers Compensation Reconciliation Form shows that the total premium owed is less than the total premium remitted for the calendar year, a(n)______ must accompany the filing.

A) Cheque
B) Gift
C) Explanation
D) Resignation
E) Apology

Question 18

If an employee worked in more than one province or territory during the year the employer should:

A) Leave off the amounts earned in the lower income province
B) Create a separate T4 slip for the earnings and deductions that apply to each province or territory
C) Total the amounts and create one combined T4
D) Put a note in the "Other Information" area at the bottom of the T4 explaining the complication
E) List the province of employment as the location where the most income was earned

Question 19

If there is a balance in this line of the T4 summary, you will need to send payment upon filing.

A) Line 80
B) Line 82
C) Line 84
D) Line 86
E) Line 88

Question 20

What are the possible penalties for failing to file T4s and the T4 summary by the due date?

A) Public reprimand
B) Monetary penalties
C) Community service
D) Removal of operating privileges
E) Incarceration

Question 21

What do employees use T4 forms for?

A) To apply for Workers Compensation
B) To include in their annual Christmas Cards
C) To prepare and submit their personal income tax return
D) To prepare and submit the company income tax return
E) To apply for Employment Insurance benefits

Question 22

Ontario Health Tax payable is based on:

A) Total Canada Pension Plan Contributions
B) Total Ontario Remuneration
C) Total Net Pay
D) Total Vacation Payable
E) Total Employment Insurance Premiums

Question 23

Why is January such a busy time for payroll administrators?

Question 24

What is a T4 Summary? Who completes it? When must it be filed?

Question 25

Create a version of a year-end checklist that you could use for working as a payroll administrator in a small to medium size business.