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:
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.