the amount in my T4 summary is over by the amount I took off of taxes for 10%wage subsidy. How do I account for this ?

SUGGESTED

When I did payroll, I used the TWS ( 10%wage subsidy) table and when I submitted my source deductions I minused the amount for example $3,078.00 from tax portion of the remittance. However when I run my T4 summary the 3078.00 is in the total deductions reported amount, and the field for minus remittances is less by 3,078.00

Is there a correct way to report this ?

Thank you 

Angie B

Parents
  • 0

    The T4Summary  has to show the total that was withheld plus the Company portion in order to balance the account. PD27 accounts for the deductions for TWSE. T4 Summary minus the amount on the PD27 should equal what was paid or owed.

  • 0 in reply to Alwyn

    so when we submit our T4 and T4 'Summary,it will show a balance owing of the amount we deducted  for TWSE? is that correct? and CRA will not charge us as they know via our PD27 TWSE form that we deducted it from our taxest ? I have submitted our pD27 form via Fax this week. I 'm just waiting for Sage to update the program so there is a fix for the problems with the T4's reporting fields  in box 57,58,59 AND 60. Once that is fixe I will be able to submit T'4 online with the balance showing owing..

  • 0 in reply to aberi

    aberi:

    I have just verified with the CRA that the amount paid for withholdings and reported on the T4 Summary will be less than the totals of the withholdings showing on the T4 forms. This difference will register as being owed. However when the PD27 form is filed it will balance the account with the amount showing on it. The PD27 can be filed anytime now until February 28th and will be used to reconcile your payroll account along with the T4 Summary.

  • 0 in reply to Alwyn

    I spoke with CRA this morning and they advised that the 10% subsidy should now be reported in Box 82 on the T4 Summary. Apparently this update was made 19 days ago, but is not available anywhere on the CRA website...... I have previously filed PD27s for my clients. The variance on the T4 Summary is as you advised above, i.e. withholdings paid are less than the totals on the withholdings showing on the T4 forms; the difference owing being the total 10% subsidy claimed. If I 'print' the T4 Summary then I am able to add the total of the 10% subsidy claimed and the remittances in Box 82 then match the total in Box 80. However, I am  not certain how to make such an adjustment when filing electronically. Any thoughts on how to do this and on the CRA 'update' would be much appreciated.

  • 0 in reply to CarolineG
    SUGGESTED

    CarolineG:

    CRA only requires electronic slips when filing electronically!

  • 0 in reply to Agate

    OK, thanks. Of course that makes sense. CRA just throwing me off balance...

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