Year-End checklist

  1. Getting Started
  • Create a year-end reference file that lists all income, deduction types, and employees' earnings 
  • Determine which forms will be required (T4, T4A, RL-1, NR4)
  • Download guides and forms from the CRA's website
  1. Balance & Reconcile
  • Review payroll set-up to make sure earnings, taxable benefits, and deductions have been accurately mapped
  • Update any manual or cancelled cheques to payroll
  • Cross-reference payroll tax account remittances with the payroll register report
  • Run a test T4 and summary report, validate that earnings and deductions are reporting in the correct boxes, and balance to the payroll register
  • Conduct PIER audit of the CPP & EI statutory deductions
  • Remit outstanding CPP & EI statutory deductions with or before the final remittance for the tax year
  • Ensure employee social insurance numbers are accurate
  1. Taxable Benefits
  • Taxable benefits reported each pay period when received or as enjoyed
  • Process taxable benefit adjustments, e.g. company car benefits
  • Validate that benefits are reported in all required boxes on tax slips
  1. Pension Adjustment
  • Validate pensionable earnings per company plan 
  • Calculate pension adjustment
  • Complete RPP registration number reporting in T4 Box 50 for all plan members
  1. Jurisdictional Reporting
  • Employer health tax returns
  • Workers' compensation annual reconciliation/return
  • Northwest Territories/Nunavut Payroll Tax return
  1. Year-end Accounting
  • Reconcile all payroll related GL accounts
  • Validate that earnings and deductions are charged to the correct GL cost center account
  1. Set-up for New Payroll Year
  • Carry-forward balances for vacation accruals, banked overtime, unused sick days (if carry-forward is allowed), outstanding loans payable and/or garnishment balances
  • Remind employees to file new TD1 for additional tax credits if required


How Did We Do?


Powered by HelpDocs (opens in a new tab)