CH 2 - Federal Remittances & Recs Flashcards
What statutory deductions are remitted to the CRA?
- CPP
- EI
- Federal
- Provincial (not QB)
Who are statutory deductions held in trust for?
The Receiver General
How are remitter types determined?
By the average monthly withholdings for the second preceding calendar year.
Define quarterly remitter types
- new employers with monthly remit < $1,000
- perfect compliance history for tax obligations
- notified they qualify for quarterly remitting
- employers with average monthly remittance < $3,000
Define regular remitter type
Average monthly withholdings between $3,000 - 24,999.99
Define accelerated threshold 1 remitter type
Average monthly withholdings between $25,000-99,999.99
Define accelerated threshold 2 remitter type
Average monthly withholdings > $100,000
Quarterly remitter type schedule
- Quarterly, due by the 15th of the month AFTER the quarter
Regular remitter type schedule
- cheque date from the 1st to end of month
- due by the 15th of the FOLLOWING month
Accelerated threshold 1 remitter schedule
- 1st - 15th is due on the 25th of the SAME month
- 16th - EOM is due on the 10th of the FOLLOWING month
Accelerated threshold 2 remitter schedule
- 1st - 7th
- 8th - 14th
- 15th - 21st
- 22nd - EOM
- due 3 business days from the last day of the weekly period
CRA late remittance interest amounts
- 10% of remittance
- 20% for second & later occurences
CRA penalties for late remittances
- 3% for 3 days or less
- 5% for 4-5 days
- 7% for 6-7 days
- 10% for 8 or more days
Who uses the PD7A, Stmt of Acct for Current Source Deductions?
Regular & quarterly remitters
Who uses the PD7A(TM), Stmt of Acct for Current Source Deductions?
Accelerated threshold 1 & 2 remitters
