filing t4 and t4a slips and year end procedures for 2015 2 · 2016. 7. 18. · 2015 in order to...

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Filing T4 and T4A Slips and Year End Procedures for 2015 2.5

Class document December 2015

ComVida Corporation Filing T4 and T4A slips for 2015

December 2015 Page 2




Contents

Contents ...................................................................................................................... 2

Filing T4 and T4A Slips for 2015 .................................................................................. 3

1.1 Preparing T4 and T4A data for T4 Electronic Submission .................................. 3

1.2 T4 Electronic Submission .................................................................................... 5

1.3 Printing T4 and/or T4A slips ................................................................................ 8

1.4 Filing the XML file over the Internet ................................................................... 9

1.5 Other filing methods........................................................................................... 10

1.5.1 Year-end Fillable Forms ........................................................................... 10

1.5.2 T4 Web forms ........................................................................................... 11

Year-end Procedures for 2015 ..................................................................................... 12

2.1 Prior to Year-End .................................................................................................. 12

2.2 At Year-End ....................................................................................................... 16

2.3 After year-end is completed, but before T4s ...................................................... 25

2.4 Flag Details and Remove Flagged Records (optional)....................................... 26

Year-End/New Year Checklist ..................................................................................... 27






Filing T4 and T4A Slips for 2015

ComVida

Payroll 2.5 provides two main filing methods – paper or electronic

submission. The electronic method will create an XML file which can be sent to the

CRA through the internet. The CRA requires mandatory electronic filing in XML

format when employers file more than 50 (per slip type) T4, T4A, etc.

The employee always receives two copies of his/her T4 regardless of how you file

your tax slips with the CRA. One copy is retained by the employer for a minimum of

six completed years.

Note: All payments with a pay date in 2015 are to be reported on T4 slips for 2015

regardless of when the pay period occurred in which the work was performed. This

means that a pay period ending in December 2015 with a pay date in January 2016

must be set up as pay period 1 of 2016. The last pay period of 2015 must be paid in

2015 in order to correctly report on the T4 slips.

1.1 Preparing T4 and T4A data for T4 Electronic Submission

If you are submitting more than one Business Number, then you must repeat steps

1.1 to 1.4 for each Business Number.

1. In Setup | Company Info… make sure the Business No: is in the correct format with no spaces. (Note: you must be in Exclusive Access to update the

Business No.)






2. In Process | T4 Slips…

a) In the Process section, click Export data for electronic submission to create a data file to be used in the T4 Electronic Submission v2.6 program.

b) The Print summary in the Process section gives the option to print the T4 in a summarized format.

c) If your payroll is already in 2016, and you are doing the 2015 T4s, then select Last in the Year section, otherwise select Current if your payroll is

still in 2014.

d) Make sure to select the correct Business No (if you have more than one Business No.), and the Specific Class if you’re using Q & U.

3. Repeat step 2 in Process | T4A Slips…






1.2 T4 Electronic Submission

T4s and T4As are processed at the same time and submitted in one file. You can

process them separately and submit them in two separate files if you wish, but

you must make sure they have different file names.

1. Call up the T4 Electronic Submission program from the Tools menu in Payroll.

2. Update the Company Information in Setup | Company Profile… Enter the Transmitter No: which is the magnetic media transmitter number assigned by

CRA.

Note: If the Transmitter No. is blank, then the XML file will default to the

generic transmitter number MM555555.

3. Enter the names and phone numbers for the Technical Contact and

Accounting Contact in the Contacts tab. You must provide both a Technical

contact and an Accounting contact. Normally they will be the same person,

e.g. the person who prepared the T4s is the technical contact, and the person

who normally does Payroll is the accounting contact.






4. Check the information in the Employer tab. The employer’s contribution for

CPP and EI must be entered in the Additional tab along with other

information.






5. Check the data in the Employee T4 page.

Note: Updating the Main tab in the Employee T4 window (e.g. Address,

SIN, Province, etc.) will not update the Employee T4A window, or

vice versa, if you have both T4 and T4A for the employee. You must

update both windows, or update in payroll and re-export T4 and T4A

again.

6. Select File | Print Report… to print the Employee T4 Details report when the Employee T4 is the active window. (If you have T4As to print as well, then

repeat this step with the Employee T4A as the active window.) Check the T4

Electronic Submission Report (and the T4A Electronic Submission Report),

and verify that the entries are correct.

7. In Process | Export…

The file name is defaulted to RCTX001.XML. You can change the file name, but the extension must be XML. For companies who have more

than one Business Number, please make sure the files have different file

names, e.g. RCTXQ.xml and RCTXU.xml

In Data type, select Original data, Amendment or Cancel as needed to create an XML file.

Note: Amendment replaces the entire file that has already been submitted

to CRA unless you give it a different file name.

When amending or canceling a T4 for a single employee, after completing

the above necessary steps again, export a single “Amendment” or “Cancel”

slip then use CRA’s Web Forms to file the single T4 on-line.

http://www.cra-arc.gc.ca/esrvc-srvce/rf/t4-wbfrms/menu-eng.html

Update the Submission Ref ID: if necessary.

http://www.cra-arc.gc.ca/esrvc-srvce/rf/t4-wbfrms/menu-eng.html






A T4/T4A ELECTRONIC SUBMISSION EXCEPTION REPORT will be

printed indicating if there are errors. If any errors are found, make the

necessary adjustments and repeat the export.

8. The XML file created will have information for T4 slips, T4 summary, followed by T4A slips and T4A summary if there are T4A data.

9. After the XML file is created, you can print the T4 and/or T4A slips.

1.3 Printing T4 and/or T4A slips

You can print the T4 and T4A slips only after an XML file is created (Process |

Export…).

1. In Process | Print Slips…

You can select both T4 Slips and T4A Slips in the Slip type section to print both T4 and T4A slips for the selected employees.

In the Format section, Employer (1 copy per employee) is the default. The Payroll Account Number (Business Number) will be printed. This is

the Employer’s or CRA’s copy.

Selecting Employee (2 copies per employee) will not have the Payroll Account Number (Business Number) printed on the copies as these are the

copies for the employees. Selecting Print 2nd

page (box descriptions)

will print the back pages of the selected slips with box descriptions.






1.4 Filing the XML file over the Internet

You can file your T4 returns (i.e. the XML file) via the internet up to 150 MB, i.e.

approximately 160,000 slips. Amended tax slips may also be filed using this

method.

1. You need to verify the file before transferring it through the internet to the CRA. In the T4 Elec Submission program, go to Process | Submit…, and

select Verify.

2. When the file has been verified OK, submit the verified file via the internet to the CRA.






3. If there are errors in Verify, then make sure to correct the errors and re-export (Process | Export…) before verifying again.

Note: If the province code is incorrect you must go to the main screen

in the T4 Electronic Submission program and change the

province code in Address 2. The correct format for the 2nd

address line is City, PR (city comma space province – using the

2 character province code with no periods).

Warning: Any changes made in the T4 Electronic Submission program

will NOT be reflected in Payroll.

Reminder: If you have more than one Business Number you must repeat

steps 1.1 to 1.4 for each Business Number.

1.5 Other filing methods

1.5.1 Year-end Fillable Forms

CRA has a number of forms that can be filled out online and then printed for

submission of the paper copy. These forms include T4, T4 Summary, T4A, and

T4A Summary. The paper method of filing can be used when there are not more

than 50 slips.






1.5.2 T4 Web forms

This filing option can be used, effective January 2015, to file 1 to 100 original or

amended T4 slips. You will need a compatible browser to complete, print, and

submit a T4 information return. Detailed instructions are provided on the web

page, and computer requirements are detailed on the CRA web site.Filing

deadline and penalties

The deadline for filing the CRA T4 and T4A returns is by the last day of February

following the taxation year being filed. If you fail to meet the above deadlines, your

employer will be liable for a penalty (a minimum penalty of $100 and a maximum

penalty of $7,500, based on number of slips). You can avoid these penalties by

filing by the last day of February, even though you may have to send amendments or

corrections at a later date. Note that if the last day of February is a Saturday or

Sunday, then the slips are due the next business day.






Year-end Procedures for 2015

2.1 Prior to Year-End

1. Print the T4 data for the current year on plain paper. This is an optional step and

is for checking purposes only.

From the Process menu, choose T4 Slips…

In Process, click Print summary to print T4s in a summarized format

In Year, click Current to print the current year’s T4s

Click the check boxes and command buttons as required

2. From the Process menu, choose T4A Slips… to print the T4A data for the current

year on plain paper. Follow the instructions as in step 1. This is an optional step

and is for checking purposes only.

Review the T4s and T4As and make any adjustments. It is easier to fix them in the

current year than when the deadline comes.

Reminder: Steps 1 and 2 are optional, but they are strongly recommended.

3. Update and print the MPP (Superannuation) Year-end report (SUPER-YE)






a) In the Reports module, Select… the SUPER-YE report and click OK

b) Check the report’s Column settings

Click Update; select the Columns tab to make it the active window.

If your Payroll is still in 2015 and you are checking the 2015 MPP then

the Value in the Report Layout has to show AMCUYR or INCUYR (CUYR

indicates current year).

If your Payroll is in 2016 and you’re checking the 2015 MPP then the

Value has to show AMLAYR or INLAYR (LAYR indicates last year). You

will need to change all lines to either AMLAYR or INLAYR.

Hint: To change the Value column, click the Update… button, or

double-click on the line to be changed. Click the drop-down list

box in Item Value: to select AMCUYR (or AMLAYR) and click

OK.

c) Check the report’s Filter settings

Click the Filter tab to make it the active window.






If the Columns tab has AMCUYR and INCUYR, then the Test Criteria in the

Filter tab has to have AMCUYR (not AMLAYR) in Value as well. Click the

Update… button in Test Criteria to update the Value if necessary.

Hint: You may want to have two SUPER-YE reports: Current and Last with

the correct Value column and Filter settings respectively to save the

trouble of changing CU to LA or vice versa.

d) Print and review the report

From the Process menu, click Print Reports and select Current in Records to

print the current SUPER-YE report. You can also select Preview Report from

the Process menu to view it on screen before printing a hard copy. Review the

report carefully, and make any necessary adjustments in Payroll.

Note: This step is for employers who contribute to the BC Pension Plan. It is

optional, but it is strongly recommended.

4. Set Company Information

Sign on to Payroll with Exclusive Access. If you are already in Payroll or Reports,

you have to exit both Payroll and Reports then re-open Payroll and click Exclusive

Access. From the Setup menu, select Company Info… and click on the Periods tab.

Make sure the last pay period has a “Y” in the column titled End.






5. Backup your data

After the last payroll of the year is finished (including the printing of reports), exit

payroll and make an additional permanent backup by following your normal backup

procedures. Label this backup “2015 Payroll Year-end Backup”.

Hint: For those sites who have not run the HSCIS reports for the last quarter of the

year, it’s highly recommended to make a copy of the current data folder, and

name it “HSCIS26” or “2015-26”, etc. This will save you the time to change

the value of the 10 reports from “CUYR” to “LAYR”.






2.2 At Year-End

1. Initialize Period

Initialize Period will cycle the cumulative figures for 2015 from the "current year"

fields (CuYr) to the "last year" fields (LaYr) in the Employee Details Amounts tab.

Sign on to Payroll with Exclusive Access only. From the Process menu, click

Initialize Period… to open that dialog box. Ensure that All of below is selected, and

click OK.

2. Set Company Information

From the Setup menu, select Company Info… and click on the Periods tab.






Check that the field Current year: is 2016

Update the field Periods per year: only if the number of pay periods for 2016 differs from 2015 (e.g. 27 instead of 26 pay periods or vice versa)

Check that the field Last year-end: is the ending date of the last pay period in 2015

You do not have to update the fields Current period:, Fiscal period:, Fiscal year-end month:, and Adjust fiscal begin:

Update all the pay period end dates for 2016 in the Date fields. Enter the appropriate character for report accumulators of a period (P), monthly (M),

quarterly (Q) and year (Y) in the End field. Check that there is a Y in the End

field on the last pay period date. Click OK when all fields are completed.

Hint: Remember to use Shift-End to highlight the existing text in each field, then

you can just start entering the new information, and tab to the next field (or

double-click on each field to highlight existing data).

Note: All payments with a pay date in 2016 are to be reported on T4 slips for

2016 regardless of when the pay period occurred in which the work was

performed. This means that a pay period ending in December 2015 with a pay

date in January 2016 must be set up as pay period 1 of 2016. The last pay period

of 2015 must be paid in 2015 in order to correctly report on the T4 slips.

3. Update the Cycle master for the monthly cycles

From the Setup menu, select Codes | Cycle (or Ctrl+Y) to open the Cycle List.

Double click on (or highlight and click Update… for) the cycle(s) that require

modifying.

If there are any monthly cycles (e.g. codes = MONTH, MONTHE, MONTHB,

EMONTH) which are defined as all pay periods which occur at the beginning of the

month, or perhaps at the end of the month, update those codes and enter a “1” next

to the correct pay Period in the Occur field.






Note: If you made a change to the Periods per year field in the Company

Information (e.g. from 26 to 27 pay periods or vice versa), then you may

need to update the # per Year: field in each code in the Cycle List. Also

the “PERIOD” cycle itself must be changed appropriately, i.e. insert or

delete the “1” in the Occur box for Period 27.

4. Update Employee Master with personal tax exemptions

a) You may have to update the employees’ personal exemption amount. In the Employee Master, click the Numbers tab and update the CLAIM field if the

employee has changed his/her federal claim amount for the year 2016.

If the employee is claiming the basic personal amount (i.e. Federal Claim code 1 = $11,474 for 2016), leave the CLAIM field as 0.00000 (or 0).

If the employee is not claiming the basic personal amount, then enter the actual dollar amount of the employee’s 2016 personal exemptions (as

shown in Total Claim Amount in line 13 of TD1 - 2016 Personal Tax

Credits Return).

b) For those employees who have completed a provincial TD1 form (e.g. TD1BC 2016 British Columbia Personal Tax Credits Return), you will have to

update the PRVCLAIM field. In Employee Master, click the Numbers tab

and update the PRVCLAIM field if the total claim amount for year 2016 has

been changed.






If the employee is claiming the following basic personal amount (i.e. code 1) leave the PRVCLAIM field as 0.

Province Basic Exemption

BC 10,027

ON 10,011

AB 18,451

SK 15,843

MB 9,134

NS 8,481

If the employee is not claiming the basic personal amount, then enter the actual dollar amount of the employee’s 2016 personal exemptions (as

shown in Total Claim Amount in line 12 of TD1BC 2016 British

Columbia Personal Tax Credits Return, TD1ON 2016 Ontario Personal

Tax Credits Return, TD1AB 2016 Alberta Personal Tax Credits Return,

TD1SK 2016 Saskatchewan Personal Tax Credits Return, TD1MB 2016

Manitoba Personal Tax Credits Return, or TD1NS 2016 Nova Scotia

Personal Tax Credits Return).

Note: If you have not received the 2016 personal exemption figures from your

employees before PP1, the CLAIM and PRVCLAIM fields can be

updated once the figures are received. The 2016 figures should be

entered upon receipt; otherwise the system will calculate employee Tax

deductions based on the personal exemption figures entered in the

Employee Master.






5. Update Item Masters for any values that may have changed

From the Setup menu, select Codes | Item (or Ctrl+I) to open the Item List. Double

click on (or highlight and click Update…) the item(s) that require modifying. This

would include WCB (WSIB) Employer Contribution, MPP (superannuation), EI (Q

& U), and Vacation Accrual Prior and Current items.

a) WCB (WSIB) Employer Contribution item (usually item #8950)

i) In the Item List, Select… the WCB (WSIB) Employer item.

ii) Click the Variables tab and update in Numbers (var 1) the maximum assessable earnings in MAX (or MXERN), and the rate in WRATE.

b) Note: The maximum assessable earnings (MAX or MXERN) for 2016:

Province Basic Exemption

BC 80,600

ON 88,000

AB unavailable

SK 69,242

MB 125,000

NS 58,200

i) If you have more than one WCB (WSIB) employer item, you will need to update each of them to reflect the changes.






c) MPP (superannuation) items (usually items #6700 & 6701)

i) In the Item List, Select… the first MPP item (e.g. 6700).

ii) Click the Variables tab and update in Numbers (var 1) the yearly maximum pensionable earnings in YMPE to $54,900 for the year 2016.

Note: The following screen print is for sample purposes. Since the

Variables for Items (var3) or Item Type Groups (var4) for each site

are based on that site’s item list, don’t change yours to match this

example. Only make the change to the YMPE.

iii) In the Item List, Select… the second MPP item (e.g. 6701).

iv) Click the Variables tab and update in Numbers (var 1) the yearly maximum pensionable earnings in YMPE to $54,900 for the year 2016.

d) Update the Vacation Accrual Prior and Vacation Accrual Current Items (usually items # 8550 & 8560). Click on the Variables tab. The number assigned to

BREAK in Numbers (var 1) on this screen must be the pay period number at

which the Vacation Accrual Current will roll over into the Vacation Accrual

Prior to start accumulating for the new vacation year.






E.g. If vacation accrues on a July 1, 2015 through June 30, 2016 cycle and

July 1, 2016 falls in pay period 14, then BREAK must be defined as

BREAK = 14.00000. This way all vacation hours accrued up to period

13 will roll over into the Vacation Accrual Prior item and the Vacation

Accrual Current item will start accruing from period 14.

If the value currently assigned to the variable BREAK is incorrect for the 2016

payroll, update the pay period number assigned to BREAK in both vacation

accrual items (i.e. both prior and current accrual items).

d) If you have two EI rates, you must update your EI qualified item (usually item #7050) and put in the new qualified rate in Numbers (var 1). You must also

update your EI DIFF item (usually item #7090) in Numbers (var 1).

Note: DIFF = the difference between the new reduced rate and 1.4

Either DIFF or 5/12 has to be entered as a negative number.






e) Update the items for BC Medical Services Plan:

The Monthly premiums effective January 1, 2016 are as follows:

Single $75.00

Family of Two $136.00

Family of Three or More $150.00.

f) Update any other items that require changes effective January 1, 2016.

6. Perform a backup immediately before installing the tax update according to

instructions received from ComVida.

7. Clear prior year Cheques & Pay Slips Registers (optional)

The files containing Cheques and/or Pay Slips Register data get larger every pay

period. They are not automatically deleted at Year-end. It is recommended that

these files be deleted so the new Cheque and/or Slip Register History will start at

pay period 01/2015.

a) Print the contents of the existing Cheque Register History file.

i) From the Process menu, select Cheques | Register to open the Cheque Register screen.

ii) From the File menu, click Print to open the Cheque Register - Print screen.

iii) Enter the appropriate range in the Period/Year: fields, and set other check boxes and command buttons as required.

Note: If Direct Deposit is used, print the contents of the existing Pay-Slips

Register History file too. From the Process menu, select Pay Slips |

Register to open the list box of Pay Slip Registers. Then from the

File menu, click Print to open the Pay Slip Register - Print

dialogue box. Enter the appropriate range in the Period/Year: fields,

and set other check boxes and command buttons as required.

If you have saved the Cheque and/or Slip Registers printed every pay period,

step 6 a) can be skipped.






b) Using Windows Explorer, navigate to the drive and folder (directory) where your payroll data is currently stored and display the files in the right pane of the

Explorer window. Locate the files PRCHQ.DAT, PRCHQ.IDX,

PRSLP.DAT, PRSLP.IDX, and delete them.

You can delete the files from the DOS prompt as well. From the DOS prompt,

type

F: (if your Payroll is F: drive)

CD\HR\DATA (if your Payroll is in \HR\DATA)

DEL PRCHQ.* (delete both PRCHQ.DAT and PRCHQ.IDX)

DEL PRSLP.* (delete both PRSLP.DAT and PRSLP.IDX)

8. Clear prior year audit files (optional)

If you have been using the Audit files in Payroll, you may find that the files are

getting quite large. Because data is written to the Audit files throughout the year,

the files can grow significantly if you have the full auditing turned on. If you

wish to start the year off with new Audit files, you may delete the existing audit

files and they will be recreated when you go into Payroll.

Using Windows Explorer, navigate to the drive and folder (directory) where your

payroll system is currently stored and display the files in the right pane of the

Explorer window. Locate the files listed below and delete them.

You can delete the files from the DOS prompt as well. From the DOS prompt,

type

F: (if your Payroll is F: drive)

CD\HR\DATA (if your Payroll is in \HR\DATA)

DEL PRAADJ.* (delete both .DAT and .IDX files) DEL PRAARC.*

DEL PRACOM.*

DEL PRACYM.*

DEL PRADPM.*

DEL PRADTL.*

DEL PRAEMM.*

DEL PRAHST.*

DEL PRAITM.*

DEL PRATRN.*

DEL PRAWRM.*






9. Clear prior year HTML folder (optional)

If you have been emailing pay slips to the employees, you may find the HTML

folder gets quite large. You may want to rename the HTML folder that contains

the 2015 pay slips to HTML2015, and start 2016 with a new HTML folder. The

HTML folder will be created when you run the next email pay slips.

Using Windows Explorer, navigate to the drive and folder (directory) where your

payroll program folder is currently stored. Locate the HTML , right click on it and

rename to HTML2015 .

10. Backup

Perform a final permanent full backup before starting data entry for Pay Period #1 of

2016. Label this backup “2016 Payroll Start of New Year Backup”.

2.3 After year-end is completed, but before T4s

1. Employee’s information

a) Make sure the employees in Employee Master are entered with the last name, followed by first name and initials, e.g. DOE, John H

b) Make sure you have a SIN entered for every employee.

c) If you are filing T4s by paper submission, then the employee’s postal code can be entered on the 2

nd or 3

rd line of the Address. If you are filing T4s

and T4As by electronic submission, or you have to report the employee

addresses to BC Pension Corp, then the employee’s postal code must be

entered on the 3rd

line.

For T4 and T4A electronic submission, the correct format for the 2nd

address line is City, PR (city comma space province – using the 2

character province code with no periods). The 3rd

line must contain the

postal code.






2.4 Flag Details and Remove Flagged Records (optional)

If you have been using ComVida

Payroll for more than two years, you may find that the

Employee Details tab contains a lot of Amount records that are no longer used. If these

Amounts records are all zero, you can use the Flag Details process (Process | Flag

Details…) to flag them. Once flagged, you can remove them by selecting Remove

Flagged Records… from the Process menu.

Please be aware that this process will remove all zero details, including details that may

be added to the employee for future calculations, but have not yet been used. Therefore,

we recommend that you remove those flags before running Remove Flagged Records.

1. Back up the Payroll data.

2. Select Process | Flag Details…

If templates are set-up for creating new employees, after running the Flag Details

process you will need to remove the flags in the templates. Also remove the flags

on details that should not be removed from the employees’ amounts (e.g. 0799

and 6701).

3. Select Process | Remove Flagged Records. Also check Remove expired History and Archive records.

This process will remove flagged records from all data files, with the exception of

employees who still have amounts, history, cheques or pay slips, and amounts that

have nonzero values.

Note: this process may take several hours.






Year-End/New Year Checklist

START-UP ACTION TO BE TAKEN DONE

Create year-end reference file □

Determine which forms will be required (T4, T4A, RL-1, NR4)

Download guides and forms from CRA □

Download guides and forms from RQ □

Hold year-end meeting with stakeholders (IT, HR, Finance) □

BALANCE & RECONCILE

ACTION TO BE TAKEN DONE

Balance payroll tax account remittances to payroll register □

Reconcile payroll bank account for outstanding entries to payroll □

Manual cheques □

Void/cancelled cheques

Update any manual or cancelled cheques to payroll □

Conduct self-PIER audit of CPP/QPP, EI and QPIP deductions □

Remit outstanding CPP/QPP, EI and QPIP with or before final remittance for tax year

Run test T4/RL-1 slip and summary report □

Balance T4/RL-1 report to payroll register – validate earnings and deductions are report in correct boxes

Ensure accurate social insurance numbers are reported □

Update WCB/CSST awards reimbursed to employer

PENSION ADJUSTMENT


Validate pensionable earnings per company plan document

Calculate pension adjustment

RPP registration number reporting in Box 50 for all plan members

Reporting of taxable refunds if necessary






TAXABLE BENEFITS


Taxable benefits reported each pay when received or as enjoyed

Process taxable benefit adjustments eg. Company car benefits

Validate benefits are reported in all required boxes on tax slips □

FILING PROCEDURES


Choose filing method (paper, on-line, XML)

Make note of filing deadlines and penalties for non-compliance

Establish policies & procedures for amending or cancelling slips

File slips and summaries with CRA

File slips and summaries with RQ

JURISDICTIONAL REPORTING


Employer health tax returns

Workers compensation annual reconciliation/return

Northwest Territories / Nunavut Payroll Tax return

RQ annual summary

Commission des norms du travail (CNT)

Workforce Skills Development and Recognition Fund (WSDRF)

Complete Formulaire Declaration des activities de formation (Quebec employers who pay WSDRF are required to complete)

YEAR-END ACCOUNTING


Year-end accruals

Reconcile all payroll related GL accounts

Validate earnings and deductions are charged to correct GL cost center account

TAXABLE BENEFITS


Taxable benefits reported each pay when received or as enjoyed

Process taxable benefit adjustments eg. Company car benefits

Validate benefits are reported in all required boxes on tax slips






SET-UP FOR NEW PAYROLL YEAR


Review payroll calendar for payroll processing/pay day conflicts (statutory holidays etc.)

Weekly or bi-weekly pay frequency watch for 53/27 pay year

how will CPP/QPP exemption be handled

are any taxable benefits or deductions affected

Distribute new payroll cut-off schedule to HR, timekeepers, managers & Supervisors and union if necessary

Carry forward balances

vacation accruals

banked overtime

unused sick days ( if carry forward allowed)

outstanding loans payable

garnishment balances

Update TD1 basic annual exemption

Remind employees to file new TD1 for additional tax credits

Remind commission employees to file new TD1X / TP1015.R.13.1-V

Communicate new year CPP/QPP, EI and QPIP statutory deductions rates and maximums






Notes:

filing t4 and t4a slips and year end procedures for 2015 2 · 2016. 7. 18. · 2015 in order to...

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