We have successfully started a new year and a new decade. Now that the calendar has rolled over there are a handful of business items we need to handle, one being to ensure our payroll is ready for the new year. Here are 6 key items to get you started, and don’t forget to download the checklist to help you have a smooth Payroll Year-End.
6 Tips for a Successful Canadian Payroll Year End
- Download, print off and review the Year-End checklist
- Make sure to update your payroll software, if applicable, with the new tax tables.
- Familiarize yourself with new source deductions, changes in the minimum wage and other adjustments
- Educate employees and send communications on Year-End related changes and activities (i.e. the effect of 27 pay periods if applicable)
- Print and share payroll calendar with important dates (i.e. stat holidays, pay periods) and deadlines - We have created a one-sheet of the Canadian Holidays for your reference. 2020 Canadian Important Dates Calendar
- Don’t forget to check other legislative updates (Provincial and Federal that will affect payroll)
We hope with these added guides you will find payroll year-end significantly less stressful. Do not forget BAASS is here and can provide you with support should you run into any issues.
Please share how you prepare for payroll year-end and how you minimize stress in our comment box below.