Using electronic payroll services might make T-slips less tiresome this tax season.
February is the month to get your finances in order, with the deadline for T-slips fast approaching. It's important for both employers and employees to get their government source deductions in on time.
According to one tax consultant, failing to file T-slips on time can be costly. For instance, each day a T4 slip is late will cost $25, with a minimum penalty of $100. These fines can grow to as much as $2,500.
In addition to incurring fines, late T-slips might also mean missing out on opportunities for grants and financial assistance, reports The Weekly News' Halifax News Net.
The source reminds Canadian small business owners that they are required to get T-4 slips to staff by the end of the month, and employees are required to file them with their taxes soon after.
Why not take the hassle out of T4s, and other T-slips like T5018s or T4As, by using electronic services? NEBS PAYweb, for example, is one of the most trusted payroll services. Electronic T-slip services can offer both Canadian small business owners and workers a number of benefits this tax season.
Payroll Services and electronic filing are affordable and easy to use
Entrepreneurs are quickly learning that for a low price, online payroll services save them time and mental energy.
Entrepreneur Laurie McNeely, manager of Grimes Credit Union, recently made the switch. She wrote on a small business forum, "It's so much easier than doing payroll by hand and saves me so much time. I have much less worry and stress. It frees me up to do other things."
For business owners, services like PAYweb will produce T4s and other T-slips. For workers, these forms can be electronically filed with the click of a mouse. Electronically filing T4 information return can be done from the convenience of home - day or night.
Electronic systems also save users cash on printing and mailing costs.
Canadian small business owners and workers can do their part to go green
According to Metro News, the need to go green is urgently felt by many Canadians and resolutions for 2010 have increasingly revolved around practicing eco-friendly behavior in 2010.
Using electronic payroll services and tax filing solutions for T-slips can be a great way to carry out conservation efforts.
Even the Canada Revenue Agency advocates becoming part of the paperless filing community by eliminating the need to send paper copies of your T4 slips and summaries to the CRA - this saves time and trees.
Services for employers will handle getting these government documents to employees already filled out with the appropriate data so multiple printouts are unnecessary, and employees can use the government's T-slip web forms to file online without wasting paper for envelopes or forms.
T-slips will get filed on time
Getting T-slips in late is a costly mistake. CBC News reports that T-slips are one of the most common missing pieces that are filed late in Canadian taxpayers' tax return forms. Employees should do their part to avoid putting workers in this position, and Canadians should take steps to make sure their T-slips get in one time.
With electronic payroll services, employers won't run late. All they need to do is input their information and the service provider takes care of the rest.
NEBS PAYweb offers the guarantee, "never fear paying late penalties for remitting your government source deductions late. We ensure your taxes are remitted right on time, every time!"
For taxpayers, filing your T-slips on the web is fast and the government will receive your data instantly. Even better, you'll receive a time-stamped electronic confirmation receipt so you can ward off any unmerited penalties.
Don't sweat T-slips - instead, consider using an electronic service today.
