As we close out a monumental year for change in business and our ways of life. Somethings have remained a constant - payroll and taxes. With the new changes to the end-of-year process and taxes related to COVID-19, do keep your eyes open for updates from the Canada Revenue Agency (CRA).
However, to ensure you are making the most of the information we have put together 7 key items to get you started, and don’t forget to download the checklist to help you have a smooth Payroll Year-End.
7 Tips for a Successful Payroll Year-End
- Download, print and review the 2020 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 payroll changes.
- 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 one page on Canadian Holidays for your reference, 2021 Canadian Important Dates Calendar.
- Don’t forget to check other legislative updates (Provincial and Federal that will affect payroll)
- Use tools such as Payroll Deductions Online Calculator (PDOC) to calculate federal, provincial (except for Quebec), and territorial payroll deductions.
We are here to assist you with your business and payroll needs, (and we are all working to traverse the new payroll landscape with the changes due to COVID-19. We hope with these added guides you will find payroll year-end significantly less stressful. ) Together we can make sure our employees are paid accurately and on time.
Additional Resources
- T4032 Payroll Deductions Tables - Effective January 1, 2021
- T4008 Payroll Deductions Supplementary Tables - Effective January 1, 2021
