February is a month filled with deadlines. T4 (wages) and T5 (dividends) returns are due by the end of February. Procrastinators should rejoice - this is a leap year so you have another day to put off getting these returns done.
Things for you to consider:
If your business is not incorporated then you have no shareholders - therefore you will not have to worry about T5’s. If there is no one else working in your unincorporated business besides you then you don’t need to prepare T4’s either, you can stop reading this tip.
If your business is incorporated then you could have paid either dividends or wages. If you have taken money out of your corporation during 2015 you need to prepare either a T5 if you took dividends or a T4 if you took salary. Either way you need to file by the end of the month – the penalty is $25 a day for every day you are late to a maximum of $2,500. So, February is the month for corporate business owners to make sure that all the money they took out in 2015 has been reported on a T slip.