2016. All rights reserved. Page 1 of 2
Year-End / New Year Checklist
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
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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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 workers compensation assessments and reporting requirements.
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 years 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?
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?