Question 1

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

Accepted Answer

Employers with more than 50 employees are required to file T4 slips electronically, according to the Canada Revenue Agency (CRA) regulations.

Question 2

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

Accepted Answer

Both the CRA and the employee must receive identical versions of T4 slips to ensure accurate reporting of income and deductions.

Question 3

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

Accepted Answer

A T4 summary is filed for the company as a whole, summarizing the total amounts of the remuneration paid to all employees, not individually for each employee.

Question 4

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

Accepted Answer

Repeat offenders for late filing of the Ontario Health Tax Return can face increased penalties compared to first-time offenders, as penalties often escalate with subsequent offenses to discourage repeated non-compliance.

Question 5

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

Accepted Answer

Employers in Ontario are exempt from paying the Employer Health Tax (EHT) if their total annual Ontario remuneration is below the exemption threshold, which is designed to reduce the tax burden on small employers.

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%

Accepted Answer

The answer of First time offenders who file the Ontario...

Question 7

How many copies of each T4 at minimum are required?
A) 2
B) 3
C) 5
D) 4
E) 1

Accepted Answer

The answer of How many copies of each T4 at...

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

Accepted Answer

Employers with more than 50 employees are required to submit T4 slips electronically through the internet. This is a requirement set by the Canada Revenue Agency (CRA) to streamline the process and ensure efficient handling of these documents.

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

Accepted Answer

Box 14 of the T4 slip includes all employment income before deductions, which encompasses salary, wages, bonuses, and other taxable benefits.

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

Accepted Answer

Box 28 on the T4 slip is used to indicate if the employee is exempt from CPP contributions, which is applicable for employees under the age of 18.

Question 11

When are personal tax filings typically due? A) By April 15^thof the subsequent year B) By April 30^thof the subsequent year C) By April 1^stof the subsequent year D) By the last day of February of the subsequent year E) By December 31^stof the current year

Accepted Answer

The answer of When are personal tax filings typically due?
A)...

Question 12

When must the T4 slip be submitted to the Canada Revenue Agency by? A) By April 15^thof the subsequent year B) By April 30^thof the subsequent year C) By April 1^stof the subsequent year D) By the last day of February of the subsequent year E) By December 31^stof the current year

Accepted Answer

The T4 slip must be submitted to the Canada Revenue Agency by the last day of February of the subsequent 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^thof the subsequent year C) March 31^stof the subsequent year D) April 15^thof the subsequent year E) December 31^stof the current year

Accepted Answer

The answer of The Ontario Workers Compensation Reconciliation Form is...

Question 14

The Ontario government requires that employers submit an Ontario Health Tax Return by: A) April 15^thof the subsequent year B) March 31^stof the subsequent year C) December 31^stof the current year D) The last day of February of the subsequent year E) April 30^thof the subsequent year

Accepted Answer

The Ontario Health Tax Return is due on April 15th 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

Accepted Answer

Entering nine 0's is the correct procedure when you do not have the Social Insurance Number (SIN) of an employee while completing a T4 slip. This is a placeholder used to indicate that the SIN is not available.

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

Accepted Answer

The answer of This deductions from Gross Earnings is not...

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

Accepted Answer

A cheque must accompany the filing if the Ontario Workers Compensation Reconciliation Form shows that the total premium owed is less than the total premium remitted for the calendar year.

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

Accepted Answer

Creating a separate T4 slip for the earnings and deductions that apply to each province or territory ensures accurate tax reporting and compliance with Canada Revenue Agency requirements.

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

Accepted Answer

The answer of If there is a balance in this...

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

Accepted Answer

Monetary penalties are imposed for failing to file T4s and the T4 summary by the due date, as per the Canada Revenue Agency's guidelines.

Quiz 12: Important Information About T4 Forms and Filing Requirements

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

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

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

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

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

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

How many copies of each T4 at minimum are required?

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

Include this in Box 14 of the T4:

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

When are personal tax filings typically due?

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

The Ontario Workers Compensation Reconciliation Form is due by:

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

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

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

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.

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

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

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