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Download your complimentary copy of the Year-end Checklist to help you comply with payroll legislation and avoid the risk of costly penalties.
YEAR-END/NEW YEAR CHECKLIST
ITEM
ACTION TO BE TAKEN Create year-end reference file
START-UP
Determine which forms will be required (T4, T4A, RL-1, NR4) Download guides and forms from Canada Revenue Agency (CRA) Download guides and forms from Revenu Québec (RQ) Hold year-end meeting with stakeholders (IT, HR, Finance) 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
BALANCE & RECONCILE
Remit outstanding CPP/QPP, EI and QPIP with or before final remittance for tax year Run test T4/RL-1 slip and summary report Complete T4/RL-1 slip and summary report
Balance T4/RL-1 report to payroll register; validate earnings and deductions are reporting in correct boxes
PENSION ADJUSTMENT (IF APPLICABLE)
Ensure accurate social insurance numbers are reported Update WCB/CNESST awards reimbursed to employer 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
Ensure taxable benefits reported each pay when received or as enjoyed Process taxable benefit adjustments e.g. company car benefits Validate benefits are reported in all required boxes on tax slips
Choose appropriate filing method based on organizational size and technology used for payroll administration (paper, online, XML)
FILING PROCEDURES
Choose method of delivery to employees (electronic or paper)* 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
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Download your Year-end checklist now:
PayrollCompliance.ca/CPA12
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