canadian payroll year-end / new year checklist · canadian payroll year-end / new year checklist...

© 2016. All rights reserved. Page 1 of 2 Canadian Payroll Year-End / New Year Checklist FUNDAMENTAL START-UP Create a year-end reference file or folder to document your business’ filing procedures. Order forms and guides or locate on the CRA website the same forms and guides as required for year-end and new-year filing. Employers’ Guide – Payroll Deductions and Remittances (T4001) Employers’ Guide – Filing the T4 Slip and Summary Form (RC4120) Deducting Income Tax on Pension and other Income, and Filing the T4A Slip and summary Form (RC4157) Employers’ Guide – Taxable Benefits (T4130) Start collecting and processing necessary payroll information BEFORE the final pay at year-end. Check for the availability of the latest tax update. How to obtain the tax update? When to install the tax update? How to install the tax update? How do I activate the tax update? PAYROLL AND ACCOUNTING PROCESSES Reconcile your tax account regularly Update employee records of any manual or cancelled cheques Make adjustments to final paycheques and remittances. Double-check CPP, EI calculations to avoid an unfavourable Pensionable and Insurance Earnings Review (PIER) by using the CRA approved checklist. http://www.cra-arc.gc.ca/tax/business/topics/payroll/returns/t4/slips/avoiding-e.html Validate Social Insurance Numbers (SINs) Determine if any miscellaneous payments through accounts payable need to be entered in payroll. Review and complete the following concerning taxable benefits: o Are you in compliance? o Will the benefits be reported under the correct codes on the slips? o Are final adjustments necessary (e.g. company cars)? Collect and review the pension adjustment (PA) amounts Print the T4

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Canadian Payroll

Year-End / New Year Checklist

FUNDAMENTAL START-UP

Create a year-end reference file or folder to document your business’ filing procedures.

Order forms and guides or locate on the CRA website the same forms and guides as required for year-end and new-year filing.

Employers’ Guide – Payroll Deductions and Remittances (T4001)

Employers’ Guide – Filing the T4 Slip and Summary Form (RC4120)

Deducting Income Tax on Pension and other Income, and Filing the T4A Slip and summary Form (RC4157)

Employers’ Guide – Taxable Benefits (T4130)

Start collecting and processing necessary payroll information BEFORE the final pay at year-end.

Check for the availability of the latest tax update.

How to obtain the tax update?

When to install the tax update?

How to install the tax update?

How do I activate the tax update?

PAYROLL AND ACCOUNTING PROCESSES

Reconcile your tax account regularly

Update employee records of any manual or cancelled cheques

Make adjustments to final paycheques and remittances.

Double-check CPP, EI calculations to avoid an unfavourable Pensionable and Insurance Earnings Review (PIER) by using the CRA approved checklist. http://www.cra-arc.gc.ca/tax/business/topics/payroll/returns/t4/slips/avoiding-e.html

Validate Social Insurance Numbers (SINs)

Determine if any miscellaneous payments through accounts payable need to be entered in payroll.

Review and complete the following concerning taxable benefits: o Are you in compliance? o Will the benefits be reported under the correct codes on the slips? o Are final adjustments necessary (e.g. company cars)?

Collect and review the pension adjustment (PA) amounts

Print the T4

http://www.cra-arc.gc.ca/tax/business/topics/payroll/returns/t4/slips/avoiding-e.html

Page 2: Canadian Payroll Year-End / New Year Checklist · Canadian Payroll Year-End / New Year Checklist ... Create a year-end reference file or folder to document your business ... by using

GUIDES, PENALTIES AND PROCEDURES

Choose you method of filing: magnetic media, Internet or the CRA and MRQ provided slips.

Check the deadlines and penalties for non-compliance. Determine latest day to amend payroll records to avoid late penalty charges and additional interest charges from the CRA.

Review your internal procedures for cancelling or amending slips and summaries.

PROVINCIAL RELATED YEAR-END FILING

Complete worker’s compensation assessments and reporting requirements.

COMMUNICATIONS

Notify staff of final year-end payroll schedules at year-end and deadlines to submit final payment information.

Send a reminder notice to staff to file new TD1s (federal and provincial) if their personal situation has changed.

Review next year’s schedule to determine if there are any conflicts in dates for processing payroll or paydays (for example statutory holidays).

If bi-weekly or weekly, are there 27 or 53 pays next year? o If yes, how will the annual C/QPP pay period exemption will be handled? o Are any taxable benefits or deductions affected?

OTHER

Review and complete the following vacation accruals / allowances:

o Have vacations been paid or used?

o Has notice been given to employees?

o Is there a carry-over?

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