i want to pay myself in my business with T4, how can i do it?
i want to pay myself in my business with T4, how can i do it?
Ask Allan a Tax Question and he will respond to you with an answer to your question within 24 hours!
Hi George,
Your company must first obtain a Payroll Account Number from the CRA. They can issue this over the phone by calling 1-800-959-5525. Next, you must calculate the payroll taxes to be deducted from your paycheck and the amount of payroll taxes to be remitted by your company to the CRA. To do this, use CRA’s online payroll calculator:
https://www.canada.ca/en/revenue-agency/services/e-services/e-services-businesses/payroll-deductions-online-calculator.html
Your company must remit payroll taxes to the CRA by the 15th of each month. Lastly, your company must issue a T4 slip to you by February 28, 2019 for the 2018 year.
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