Changes in the Employer Annual Year End Reporting

posted in: What's Happening | 0

Employer’s more request options.

The employers can request to transfer a misallocated credit within a payroll program account or from a payroll program account to another program account and can request a payment search for a payment that has been made but has not been credited to the account.

T4A slip new income codes

There are new income codes on the Other information area of the T4A slip.

  • Code 136, Federal Income Support for Parents of Murdered or Missing Children grant (PMMC);
  • Code 162, Pre-1990 past service contributions while not a contributor;
  • Code 194, Pooled registered pension plan (PRPP) annuity payments from taxable income;
  • Code 195, Indian (exempt income) – PRPP payments.

For more information on this, see their guide to RC4157, Deducting Income Tax on Pension and Other Income, and Filing the T4A Slip and Summary.

PD7A or PD7A (TM) can now receive online

The PD7A/PD7A (TM), Statement of account for current source deductions can be received online. The CRA will no longer print and mail the PD7A/PD7A (TM) forms once you have registered for online mail. Rather, there’s an email that will notify you when there is mail to view in your secure online account.

Revocation of the web access code letters

The CRA will no longer mailthe web access code (WAC) letters. They commend that you can use the WAC that was issued for the 2012 tax year to file future information returns or obtain one at Filing Information Returns Electronically (T4/T5 and other types of returns).

T4 and T1204 Desktop applications

Effective December 2013, the CRA will no longer provide the T4 and T1204 Desktop applications. Users of these applications can file their information returns to the CRA’s convenient Web Forms or Internet file transfer applications that is available on their website.

The payroll account’s direct deposit is now available

Using the new Form RC366 Direct Deposit Request for Businesses that is available on their website, employers are now able to sign up for direct deposit.

CPP deductions rules changes

There are changes to the rules for deducting Canada Pension Plan (CPP) contributions since 2012, it states that employers may have to deduct CPP contributions from the pensionable earnings they pay an employee who is 60 to 70 years of age, even if the employee is receiving a CPP or QPP retirement pension.

Hiring credit for small business

Under proposed changes, the hiring credit for small business (HCSB) will be expanded and extended for 2013. If you are eligible, the CRA will automatically calculate the amount of your hiring credit using the EI information from the T4 slips you filed with your 2012 and 2013 T4 information returns.

Since 2013, employers have the option to make an online request through their website to get their HCSB refunded to them.

Let us know what you think