It is that time of the year again when businesses have to prepare for the payroll year-end and set up for the new year. Regardless of what your business’ fiscal year is, all payroll runs on a calendar year basis, from January to December.
Before you make your final payroll remittance for the 2017 year, you should review and reconcile your payroll accounts for 2017, and make all necessary adjustments.
Some key considerations for your year-end review include:
- updating manual cheques to payroll, including any payments made outside of regular payroll
- processing taxable benefits (e.g. gifts over $500, automobile benefits, prizes and awards…)
- remit outstanding CPP/QPP/EI with or before final remittance
- verify for accuracy the name, address, S.I.N. and province(s) of employment for 2017 for each employee
Click here for a year-end checklist from the Canadian Payroll Association