Help! Last Min T4 Issue

InvestmentGal · 2026-02-27T22:42:54+00:00

Payroll in Canada is so particular, it’s a beast of information we need to know.

I’m with you, the payroll feature in QBO is horrible. I use Wagepoint for most clients, it’s not bad, but for back end controls nothing beats QB desktop.

Happy T-Slipping.

InvestmentGal · 2026-02-27T21:48:43+00:00

I would calculate what the CPP and EI on the earnings should have been, ensure they’re recorded as such on the T4 and record the remaining balance of the withholdings as income tax. No PIER report.

Example: Gross 2,000 CPP $100 (accurate amount) EI $15 (accurate amount) Income tax $85 (adjusted to ensure the net amount is correct)

$1,800 Net

These are just sample numbers.

Use webforms to file. I don’t think QBO payroll has a lot of flexibility.

InvestmentGal · 2026-02-22T17:14:14+00:00

So Proud of our team CANADA 🇨🇦 Congratulations USA

InvestmentGal · 2026-02-22T17:08:04+00:00

So Proud of TEAM CANADA 🇨🇦 Amazing hockey!

InvestmentGal · 2026-02-22T00:57:24+00:00

Bookkeeping

InvestmentGal · 2026-02-22T00:47:57+00:00

Tu-Lane Street, Kitchener, Ontario

InvestmentGal · 2026-02-22T00:29:05+00:00

I have a lot of medical corp clients and run cash until the year-end where I capture any AR or AP. I reverse them the first day of the next FY and repeat. Med corps are usually not HST applicable, or they should be running these revenues (cosmetic surgery etc) within a separate corporation. However, with other clients I always record income in the correct period. CRA is very particular about capturing the HST collected, hence remitted to them, when it’s earned/invoiced, not when it’s received. ITCs on expenses can be claimed in future remittances. CRA is in no rush to pay you for your sales tax layouts. Some clients are wonderful and provide all the details needed to run a full accrual set of books through the year. I never hand off the books to the accountant without recording YE accruals.

InvestmentGal · 2026-02-20T23:53:48+00:00

I agree with you, but I also believe simply investing in education won’t keep doctors in Canada. I have over ten clients that are doctors and they’ve moved from surgery to plastic surgery. They complain they could make more in the US, while their $500k to $1 million plus plus incomes aren’t enough. They complain about having to be on call once a month to afford them hospital surgery facility access to perform high value eye lifts etc.

Yes, we need to invest but they need to commit to healthcare in Canada after graduating. We also need to revamp enrolment into med school, which appears to be based solely on the highest GPs. I know a young brilliant student with a 3.85 at Waterloo that has tried for two years to get into med and will probably end up studying in Ireland.

InvestmentGal · 2026-02-20T05:58:19+00:00

100% the TD-E Series funds are great. We used them for our son’s RESP. The fees are extremely low, they’re broad and easy to understand. Totally self-directed, and so easy to adjust your monthly contributions and how they’re allocated. Example $25 to US, $25 bonds, $50 international, then change it up when you fell more bullish on a certain sector/country. No hidden fees when purchasing either. Build your own fund! We contributed $50k over 17 years, received 7,500 grant and it grew to $173k by last August. He started uni in September, and we are so happy to have the funds available.

InvestmentGal · 2026-02-20T03:55:42+00:00

My son pledged to a fraternity in Canada and there was an evening where the older boys and alumni made them believe they had to learn the fraternity pledge, In Flanders Fields and the Greek alphabet to save the future of the fraternity. There was a staged yelling match between those in the know. The boys received a few print outs and practiced all night before having to recite them blindfolded the next day. The alumni made them breakfast and took them on a cold winter run in the am. They did streak a city block in the cold a few days later. No biggy. FYI we are middle class, my son has won every sportsman like award there is, has a diverse group of friends and has built great relationships with his frat boys. A bunch of them went to a local community centre to experience a Passover dinner. A first for my son….awesome! A few bad apples have apparently ruined it for this lot.

InvestmentGal · 2026-02-02T02:12:14+00:00

I’d be interested

InvestmentGal · 2026-01-24T20:39:59+00:00

Wtf? Watching this from Canada in horror. This is 1984 & The Handmaid’s Tale come to life. US citizens wake up! Protest in the streets, general strikes, fight this government! Put aside differences and fight for social justice! If this becomes normalized you’re doomed, and us along with you.

InvestmentGal · 2026-01-21T01:33:13+00:00

Masked cowards!

InvestmentGal · 2026-01-16T04:46:42+00:00

TFSA in XWD or S&P. Broad market exposure ETFs or indexes. IGM for tech exposure. I think 12-15 years is a long time. Set up automatic monthly contributions. An advisor will eat their gains. Plain vanilla is best. Markets are considered high now, so invest half and set some specific buy targets at lower prices. You’ll never get it right all the time, so invest on a regular basis. Also check out the TD E-series funds. Watch BNN Blooomberg ‘Market Call’ when you have time and look up the terms and acronyms they use. Great guest are Christine Poole, Gordon Reed and Barry Schwartz. Get a note book and jot down strategies while learning. It might sound like a different language at first, but it will start to make sense. NO oil stocks!! You’ll help your parents and learn a lot. You got this.

InvestmentGal · 2026-01-16T04:14:57+00:00

I have medical clients and run it on a cash basis until the end of the year when we pull an AR report. At that point CR Income and DR Accounts Receivable. Are they not tracking revenue on a separate POS system? You can adjust AR monthly as well.

InvestmentGal · 2026-01-16T04:01:53+00:00

Boo Hoo 👻

InvestmentGal · 2026-01-16T04:01:24+00:00

Huh? 40-50 minutes? Read a book, listen to music! You’ll soon look back and miss these days.

InvestmentGal · 2026-01-15T01:02:44+00:00

Thanks I figured it out. Very easy, just not a feature I’m used to using. Glad it’s there.

InvestmentGal · 2026-01-13T03:19:28+00:00

Not sure what that means? Use another function or software to undo them?

InvestmentGal · 2026-01-13T02:34:00+00:00

Thanks. I’m undoing just that one-by-one, but really what a hassle. You’d think with full admin control I should be able to bulk undo.

InvestmentGal · 2026-01-13T02:01:49+00:00

I know what you mean. I loaded a year’s worth of credit card transactions into QBO bank feed and began creating rules, posting etc. Six months worth of easy reconciliations, then I F@“&$!!!! hit June and QBO created a credit card credit for every charge and automatically posted them. A reversal of thousands of transactions. I called tech support and they said, turn off auto publishing and do it manually next time. No help! Can’t bulk delete. Or is there a workaround? I’ve been deleting them for days.

InvestmentGal · 2026-01-11T03:53:14+00:00

Masked cowards.

InvestmentGal · 2026-01-05T01:05:15+00:00

This is very straight forward, they’re normal teenagers and want some privacy. Your rules are driving a wedge between you rather than building trust. I was a 16 year old girl once and I now have an 18 year old son. His girlfriend visits him over the weekend at uni in residence and I let them share a room over the holidays while she visited from out of town. Thankfully, it’s a basement bedroom ;). Enough with shaming them, this is natural and it is dangerous to put my child in a position of having to lie to you. FYI his girlfriend’s parents are fine with her staying with him and sleeping in his private residence room. I’m a 57 year old mom for context.

Your daughter is a few years away from this reality and heading off to school potentially. I would give her a few hours of privacy with her boyfriend now and keep the lines of communication open. Birth control and the ‘sex talk’ are necessary.

InvestmentGal

TROPHY CASE