How We Helped a Consulting Firm in Toronto Avoid CRA Penalties with Timely T4A, T5, and NR4 Filing Services

A Toronto-based consulting firm reached out to us in January after realizing they had fallen behind on issuing required tax slips for the previous year. With a mix of subcontractors, private investors, and a few non-resident consultants, they were unsure how to properly file T4A, T5, and NR4 slips. Our team, reviewed all payment records, prepared accurate slips, and filed them electronically with CRA. As a result, the firm met all deadlines, avoided late-filing penalties, and now has a consistent process in place for future filings.

About the Client

• Business Type: Professional Consulting Firm
• Location: Toronto, Ontario
• Previous Setup: Payment records tracked in spreadsheets; no formal tax slip process
• Main Problems:
  • Missed T-slip filing in the previous year
  • Uncertainty around NR4 filing for non-resident contractors
  • No consistent classification of payments (e.g. interest vs. service fees)
  • High risk of CRA late penalties and administrative backlog

Client Goals

• File all required 2024 slips (T4A, T5, NR4) accurately and on time
• Avoid CRA late-filing penalties
• Ensure correct classification of all payments
• Implement a reliable and repeatable slip filing process

What We Did

Step 1: Data Review and Payment Classification

Nicole began by reviewing payment records for over 25 individuals and entities. Each payment was assessed to determine whether it belonged on a T4A (service fees), T5 (interest or dividends), or NR4 (non-resident compensation). We also checked for missing tax identification numbers and required country codes.

Step 2: Slip Preparation and CRA Filing

Using CRA-compliant software, David prepared all T-slips and summaries. We filed them electronically through the CRA’s Web Forms system and provided each recipient with their tax slip and an explanation summary.

Step 3: Process Setup and Staff Training

To help the client stay organized going forward, we created a tracking sheet for all annual slip data, set up a document archive for tax slip backups, and trained their administrative assistant on how to identify and track slip-related payments monthly.

Accountor CPA Results

• All 2024 T4A, T5, and NR4 slips filed before the CRA deadline
• Avoided all late-filing penalties and warning letters
• Issued 25+ tax slips, including 3 non-resident NR4s
• Created a repeatable, organized tax slip process for future years
• Increased CRA compliance and reduced internal admin time

Summary

If you’re unsure how to issue T4A, T5, or NR4 slips — or you’re overwhelmed by CRA deadlines — let our experienced team guide you, just like we did for this Toronto consulting firm.

Book a free consultation today and stay on top of your tax obligations with expert slip filing services.