2013 year-end is almost upon us, so we need to be prepared and ensure the following information has been communicated to your Payroll Professional. The checklist below will assist you with some of the information your payroll professional will require to ensure your employees earnings and year to dates are reported correctly.
2013 Check list:
1. Ensure all taxable benefits provided to your employees have been communicated to your payroll professional, some of the more common items include; car allowance, gifts, tool reimbursement, parking or cell phone allowance. Please refer to the Employer’s Guide – Taxable Benefits and Allowances located on the following CRA website for a more in depth list.
2. Communicate with employees who have a company vehicle that they will be required to provide their kilometers report for the 2013 year in early December.
3. Prepare a communication to those employees who wish to revoke their current Canadian Pension Plan CTP30 form that they will have to provide their payroll specialist the new form before their first 2014 payroll is processed.
4. Start collecting data for Year-end bonuses and advise your payroll professional when they will be paid to employees.
5. Have employee’s complete new Federal and Provincial TD1 forms if claiming other than the basic exemption. These forms should be provided to payroll before their first 2014 payroll is processed.
Please look for our December blog which will provide you with more up to date information on changes for 2014.
Renee McCullough, PCP / Payroll Specialist / PEO Canada