Year End and New Year Checklist

Transcription

1 Year End and New Year Checklist Timeline Audience Action to be taken Description/Instruction Completed Preparing for Year End Used to identify possible CPP/QPP and EI discrepancies. Refer to 2016 PIER Report Guide to determine if any adjusting entries are required. *First Create and review a Pensionable and Insurable Earnings Report (PIER) Audit To Create a PIER Report: Select PIER Report *It is recommended that this report be run throughout but should be run prior to the last pay of in order to make any necessary corrections to the final pay By doing a test run early, you will be able to catch any errors on the report including the proper amounts being entered into the correct boxes. Create a test run of T4/RL1/T4A/T5018 audit reports To Create a T4/RL1/T4A/T5018 Audit Report and PIER: Select Generate Current Tax Form Audit Report Reasons to Tax Forms: If your company has more than one RP account, ensure each employee is under the correct one Make sure all employees are in the correct Province of employment Ensure all taxable benefits are reflected in the correct box on the tax forms Reconcile Box 80 on the last page of the T4 Audit Report with your PD7A Statement of Accounts document from the Canada Revenue Agency Ensure all addresses, birth dates, and SIN s are entered and correct. To purge inactive employees, the termination date must be more than two Employee Profiles years ago and have an Inactive I status in the employee profile. Please Note: Penalties may be assessed by the Canada Revenue Agency for blank SIN# If you have remitted source deductions outside of PAYweb for manual cheques, Update employee Year-to- please contact support before you continue Date (YTD) information Any manual/cancelled cheques issued outside of PAYweb must be updated in the Employee YTD s Has your contact information changed this year? If so, please support@payweb.ca to update our records. Failure to update information could cause delays in receiving and submitting Tax Forms

2 Yearend and New Year Checklist 2 New Year Questionnaire Preparation Please refer to our Year End Options Manual for assistance or contact support at To find out any changes to the upcoming new year, you can log onto your My Business Account at AND/OR Quebec Clic Revenu For Businesses at Nov Quebec Ontario Reduced rate for employer EI Premiums Change Canada Revenue Agency (CRA) Remittance Threshold Change Revenue Quebec Remittance Threshold Change EHT (Employer Health Tax) Exemptions New rate if applicable New Threshold if applicable New Threshold if applicable Different exemptions for Associated companies if applicable The New Year Questionnaire is used to identify new rates for the New Year. This is only if rates are changing for the New Year; however you do still need to review them. Complete the New Year Questionnaire on PAYweb.ca Approve the New Year Questionnaire Click on the New Year Questionnaire on the New Progress Bar In the questionnaire are 3 links to approve Click on the first hyperlink CRA/RQ remittances, if changes, make them here NO changes, Enter to Save and Exit. Click on the second hyperlink WCB rate change for the New Year, if there are changes make them here NO changes Enter to Save and Exit. Lastly click on the pay schedule (PPERLIST) for the New Year and review. Once it s approved the system will send a listing to your view reports for your records. Exit from the view report. Once you return to your New Year Questionnaire Main Menu and all three links have dates next to them please approve your New Year Questionnaire.

3 3 Before starting the Yearend Reset (Start 2017) Option Used to identify possible CPP/QPP and EI discrepancies. Refer to the 2016 PIER Report Guide to determine if any adjusting entries are required. Nov the last Second Create and review a Pensionable and Insurable Earnings Report (PIER) Audit Update employee Year-to- Date (YTD) information To Create a PIER Report: Select PIER Report If you have remitted source deductions outside of PAYweb for the manual cheques, please contact support before you continue Any manual/cancelled cheques issued outside of PAYweb must be updated in the Employee YTD s By doing a test run early, you will be able to catch any errors on the report including the proper amounts being entered into the correct boxes. Nov the last Second Create a test run of T4/RL1/T4A/T5018 audit reports Employee Profiles Ensure the last has been run To Create a Audit Report: Select Generate Current Tax Form Audit Report Reconcile Box 80 on the last page of the T4 Audit Report with your PD7A Statement of Accounts document from the Canada Revenue Agency Ensure all addresses, birth dates, and SIN s are entered and correct. If your company has more than one RP account, ensure each employee is under the correct one. To purge inactive employees, the termination date must be more than two years ago and have an Inactive I status in the employee profile. Please Note: Penalties may be assessed by the Canada Revenue Agency for blank SIN# Following your Pay Period List, ensure your last pay of including any bonuses or additional runs have been completed before running the Year End Reset If you are ready to start the Next Taxation Year After the last is closed Run the Year End Reset (Start 2017) on PAYweb.ca Click the Yearend Reset (Start 2017) on the New Progress Bar Click Enter to access Year End Reports in group YREND Once the Yearend Reset (Start 2017) processing has completed, the system brings you to the Display Reports screen with all your yearend reports Please Note: The taxation year is determined by the employees pay date and NOT the period end date.

4 4 After the Year End Reset (Start 2017) Print and view all Year End Tax forms need to be reviewed to ensure all amounts are correctly printed in the reports appropriate boxes on the tax forms Jan Feb Feb 15 Reconcile your tax forms to your CRA Remittance Save all necessary reports from the archived reports on PAYweb Edit Tax Forms, if applicable Approve Tax forms on PAYweb.ca Reconcile Box 80 on the last page of the T4 Audit Report with your PD7A Statement of Accounts document from the Canada Revenue Agency OR Login to My Business Account on the CRA website. Although we do archive most reports for 24 months from when they were generated, it is a good idea to save all necessary reports for the past year. To edit tax forms, please refer to Tax Form Options Manual Reasons to edit Tax Forms: Pensionable adjustments not added in PAYweb Indian status employees Taxable benefits Clergy Private Health Benefits paid by employee Once you have reviewed your T4 Audit and reconciled your remittances you can approve your tax forms for processing. To Approve Tax Forms: Click /Edit & Authorize Tax Forms on the new progress bar Click Authorize Tax Form or click the box in the middle of the page Summary Tab Click and Filing Information Click and Shipping Information Click Approve This will signal PAYweb.ca to process your tax forms to ship and/or remit your summary to the Canada Revenue Agency (CRA)/Revenu Quebec (RQ) if applicable

5 5 Refer to Manual Create RL-1 Summary To complete this section, your Tax Forms must be approved and printed The following information will be needed to complete this section: DUE Do you have payments not included in PAYweb.ca remittance amount? DATE: Quebec What is your Worldwide Payroll? Last day RL-1 Summary Do you have any salary or wages that would be exempt from your RL-1 of Feb Summary? Calculate your contribution to the Financing of CNT using the on-line form LE V. Enter remuneration subject to the contribution (Line 21) Please Note: Must be received by Revenue Quebec (RQ) by the last day in February Mar 15 Refer to your jurisdiction Ontario Receive Tax Forms package from PAYweb Employer Health Tax Annual Return Worker s Compensation Annual Reconciliation/Return your documents and distribute to employees no later than the last day of February. If PAYweb is not submitting your tax forms electronically, these will also need to be submitted to the Canada Revenue Agency/Revenu Quebec no later than the last day of February. Jurisdictional Reporting If you would like PAYweb.ca to complete this form on your behalf, please send us an at support@payweb.ca. Applicable fees will apply. If you would like PAYweb.ca to complete this form on your behalf, please send us an at support@payweb.ca. Applicable fees will apply.

6 Yearend and New Year Checklist Timeline Audience Action to be Taken Completed Preparing for Year End Create and review the Pensionable and Insurable Earnings Report (PIER) Audit Jul Oct Create a test run of T4/RL1/T4A/T5018 audit reports First employee profiles to ensure all addresses are correct and employee SIN numbers are entered Nov Nov the last payroll of Second After last Jan Feb DUE: Feb 15 DUE: Last Day of Feb Mar 15 Refer to Jurisdiction Update employee Year-to-Date (YTD) information New Year Questionnaire Preparation Please refer to our Year End Options Manual for assistance or contact support at Changes to the upcoming new year, log onto your My Business Account at AND/OR Quebec Clic Revenu For Businesses at Reduced rate for employer EI premiums Change if applicable Canada Revenue Agency (CRA) Remittance Threshold Change if applicable QC Revenue Quebec Remittance Threshold Change if applicable ON EHT (Employer Health Tax) Associated Companies if applicable Complete the New Year Questionnaire on PAYweb.ca Before starting the Yearend Reset (Start 2017) Option Create and review a Pensionable and Insurable Earnings Report (PIER) Audit Update employee Year-to-Date (YTD) information Create a test run of T4/RL1/T4A/T5018 audit reports employee profiles to ensure all addresses are correct and employee SIN numbers are entered Ensure the last has been run For ex. Additional run Bonus, Vacation Pay Run the Yearend Reset (Start 2017) Option on PAYweb.ca After the Year End Reset (Start 2017) Option Print and view all Year End reports Reconcile your last page of the T4 Audit box (80) with your PD7A Statement of Accounts from the CRA. Save all necessary reports from the archived reports on PAYweb Please Note: At your convenience (You have 24 months to access Archived Reports) Edit Tax Forms, if applicable (T4, RL1, T4A and T5018) please refer to Tax Form Options Manual Approve your Tax forms QC ON RL-1 Summary Refer to Manual Create RL-1 Summary if applicable Please Note: Must be received by Revenue Quebec (RQ) by the last day in February Jurisdictional Reporting Employer Health Tax (EHT) Annual Return Please Note: If you would like PAYweb.ca to complete this form on your behalf, please send us an at support@payweb.ca. Applicable fees will apply. Worker s Compensation Annual Reconciliation/Return Please Note: If you would like PAYweb.ca to complete this form on your behalf, please send us an at support@payweb.ca. Applicable fees will apply.