What payroll forms and exemptions will I need?
Here are important forms and exemptions to be aware of when doing your small business payroll.
- TD1 form (federal and provincial) - This dictates how much income tax is withheld from employee paycheques.
- TD4 - Declaration of Exemption - Use this for special allowances for lodging, trucking and transportation.
- T2200 - Employers must provide this if the employee (typically a sales person) was required to pay for their own employment expenses and was not reimbursed or provided an allowance (travel, cell phone, home office, meals and entertainment).
- T777S - Statement of Employment Expenses for Working at Home Due to COVID-19
- CPT30 - Elect to stop CPP contributions.
See the CRA website for a full list of forms for exclusions and applications.