I have worked two previous summer jobs at accounting firms in the past, but I have never had the pleasure of working through a tax season… until now. During February I’ve been working on preparing the T4’s for Pinnacle’s corporate clients and it has made me realize something…the most work is gathering the information. It is all part of being an accountant though so I’ll be doing them every year for the foreseeable future, until I’m lucky enough to have my own students to do them anyway. If you want to make your accountants day during T4 season make sure you bring them everything they will need, the first time. Here’s a quick list:
– List of employees names, social insurance numbers, and mailing addresses,
– summary of gross payroll and amounts deducted for CPP, EI, and income taxes for each employee, and
– the final PD7(A) for the years (the form you take to the bank make payroll payments).