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This is your one-stop FREE resource library to make sure that you have a smooth (and compliant) 2017 Year-End for your Canadian Payroll.
How to Plan for a Smooth 2017 Canadian Payroll Year-End
Payroll year-end can be successful and stress free as long as you have prepared for it throughout the year.
Here's a checklist of best practices to help you have your best year-end yet.
Make sure you know what’s new for your first pay of 2018
- Check rates and limits for CPP /QPP contributions, EI and QPIP premiums
- Compare the TD1 forms from last year to this year for federal and provincial changes
- Note new Pension Adjustment and RRSP limits
- Note any federal income tax changes
- Note any WCB rate and maximum earning amounts and add WCB reporting dates to your calendar
- Add any legislated provincial minimum wage changes to your calendar to make sure they are updated on-time
- If you pay weekly or bi-weekly check the calendar to see if this is a year where you will have 53 or 27 pay periods and adjust your pay calendar accordingly
A great idea is to put together a one-page brief for your employees summarizing all of the new year information so they are aware and can plan for changes to their pay based on the new values. It also provides a great opportunity to remind them to complete their new TD1s and to encourage them to start their savings plan for the new year.
Advance preparation for tax slips
- Run quarterly reconciliation reports
- Review your tax slip boxes mid-year
- Create a list of who to get what additional year-end information from
(e.g. stock option information from HR by xx date)
- Note banking and stat holidays for planning purposes
- Check for employees who have moved between business numbers or provinces
- Create templates for all of your employee and contractor communications
(e.g. when tax slips will be available, how to read tax slips, who to contact with questions)
Vacation or other entitlement carry-over policies
If you have a maximum carry-over policy in place plan to provide reports in September to your managers of all vacation or other entitlement balances. They can then start the conversation with any employees who have excess vacation or entitlements on how they can use it or prepare to request to an exception on the amount they can carry over to the next year.
And don’t forget once your year-end is complete to make sure you take time to celebrate. After all, completing a timely, compliant year-end only happens once a year!
Even More Resources on Completing Your 2017 Canadian Payroll Year-End
Looking for more information on year-end? Here are a few helpful resources:
- Register for a CPA Year-End Training session near you
- Canada Revenue Agency's Payroll Site
- Payroll Online Deductions Calculator from Canada Revenue Agency
The FREE 2017 Year-End Payroll Toolkit from Avanti
We have put together a one-stop resource centre below to help you make a smooth transition into 2018 for your Canadian Payroll.
The toolkit includes:
- Email templates,
- Tax Slip visual guides for employees,
- Employee Year-End FAQ,
- A calendar and more, oh my!
2018 Canadian Payroll Calendar
This 2018 calendar includes all the National, Provincial, and Banking Holidays. Print it and post it by your desk for quick reference.
2017 Canadian Payroll Year-End Checklist
Our friends at the Canadian Payroll Association have been together an extensive checklist for your reference.
Employee Communications for 2017 Year-End and 2018 First Pay Period
Frequently Asked Questions from Employees for 2017 Year-End and 2018 First Pay Period
Canadian Tax Slip Visual Guides for Employees
Before your employees call the Payroll team, HR or their Managers asking what those boxes on their T4s mean, send them this guide when you send them their T4. In doing so you've just earned yourself a nice coffee break on February 28th. Way to go Payroll Superhero!
Canadian Payroll Legislative Updates and Links
Here you'll find provincial and federal information on payroll deductions, year-end employer kits, and more.
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