Last modified by: Alpine Crew -

Things to Think About Before the Year Ends

Here are a few things you can get started on now to ensure your year end goes smoothly:

 

Have you reviewed the Box 45 on T4s and Box 015 on T4As for all your employees including the terminated ones?

In 2023, CRA introduced Box 45 = Employer-Offered Dental Benefits on T4s, and Box 015 = Payer-Offered Dental Benefits on T4As. Organizations need to report about dental coverage of any kind as of December 31st. You can get additional information on Dental Benefits to complete your T4s here.

 

Has your organization been assigned a new remittance frequency for 2025?

If your payroll volumes have changed this year, the CRA may assign a new remittance frequency. You will receive a letter outlining your updated schedule for 2025 (e.g., Regular, Threshold 1, Threshold 2, etc.). If you receive this letter, please forward it to us so we can update your remittance settings. If you do not receive it, your schedule will remain the same. 

 

Have you received an updated EI rate notification?

Organizations with a reduced EI rate may soon receive notice of updated rates. If you receive this notification, please send us a copy so we can adjust your account accordingly.

 

Are you missing any information for your employees?  

In order to complete T4s you will need to have SINs and current addresses for every employee who worked for you during the year. You can use the Employee Tax and Compensation Report (found under Reports > Base Reports) to review these details. 

 

Did you make any payments outside of the payroll system?  

These payments need to be added to the T4s. It is best to add them before the year ends in case there are any CPP, EI or taxes owing. This will prevent late penalties and Pensionable and Insurable Earnings reviews from CRA.

 

Are there any new payroll instructions that require special mapping on the T4? 

If new payroll instructions were created this year, you can review its special mapping settings by running the T4 Mapping report (found under Reports > Base Reports). If you’re unsure of a payroll instruction’s mapping rules, please contact us and we can review it together.

 

Do you need to update any employee TD1s?  

If you have employees that are claiming amounts above the basic on their TD1 or that have asked to have extra tax deducted, remind those employees to review their forms and ensure that they are up to date. These amounts remain in the system until the employee provides a new form. New TD1 forms are usually released by CRA in late December here.

 

Do you have any Taxable Benefits that are not tracked in the system?  Connect with us to talk about tracking these year round to avoid problems at year end.

Contact the Alpine Crew!

204-478-3707
alpinecrew@ibexpayroll.ca