We are now only a month away from Christmas and it’s important to start preparing your business for the year end.
Having a process in place along with checklists will help your business be organized and ready for the new year.
Here are some tips:
Forms:
At the year-end you should be reconciling your payroll amounts. This means adding up Employment Insurance, Canada Pension Plan and reporting them to the CRA.
This is needed for preparation of your T4 and T4A slips. This also means ensuring that your year-to-date amounts are accurate not only for EI and CPP, but also your gross earnings, income taxes, vacation and all other income and deductions.
Key Dates and Deadlines
Knowing your key dates streamlines your process and keeps you on track. This includes last date to process your payroll, direct deposit dates for holidays and when you need to review your year-end tax forms.
Accuracy above all
Mistakes at year-end can be costly. So going through all the details will save you time and money in the end. Employee information such as name, address, DOB and SIN are key things to double check.
Also, verifying CRA business and payroll account numbers, and the frequency of your tax remittance schedule, are all equally important.
Finally, don’t forget to reconcile your payroll bank account for any outstanding items such as manual, void, cancelled cheques.
At Piligrim Accounting we have been helping, training and managing payroll for many of our clients.
We are happy to help with any questions you might have, as well as your accounting, tax and payroll needs.
Piligrim Accounting Inc. – (416) 514-1741 or info@piligrim-accounting.com
