Record Breaking Donation & Dog Adoptions with United
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THE Exclusive Year-End Edition: Everything you need to know for a hassle-free year-end YEAR-END 2019 Page 2-8 VOL. 005 Latest News: Best Payroll Solution in Canada as named by HR Readers’ Choice Awards Page 13 Payroll Facts Canadian Business Owners Need to Know Page 15 Pay it Forward: Record Breaking Donation & Dog Adoptions with United Way Page 11 Taking Care of Your Team: Best Practices: How to Manage Employee Personal Information Page 16 payworks.ca Doing business to business, person to person. LET PAYWORKS DO THE HEAVY LIFTING PROCESS EMPLOYEE TAX FORMS IN 9 EASY STEPS Don’t let year-end weigh you down. Payworks is here to do the heavy lifting. The key to a hassle-free year-end is to follow our handy checklist. It identifies all of the tasks that need to be done to ensure your business completes the process accurately and on time. YEAR-END PROCESSING PRO TIP: Be mindful of the holiday schedule. Payroll payments cannot be dated on a statutory or banking holiday. Your payroll processing dates are adjusted to accommodate these holidays. You can find these dates on the next page - make sure to mark them down in your own calendar. You’ll also find all statutory holiday dates for 2020. PAYWORKS YEAR-END CHECKLIST Description Timeline Review year-end documentation Available now Review preliminary year-end Every pay run reports: + Check SIN and mailing addresses for all employees + Check for CPP/EI shortages (note CPP statutory deduction can occur as the result of an employee turning 18 or 70 during the calendar year) + Compare total remittances on the report with your PD7A (statement of account) CRA Report Review the year-end box As soon as possible assignments by pay element Enter all taxable benefits that Complete on or before last run affect statutory deduction of 2019 calculations Enter all manual/reversal Complete on or before last run payments not yet recorded of 2019 and before authorizing tax forms Ensure all terminated employees are included on the year-end reports Enter year-to-date adjustments before authorizing year-end tax forms Review and authorize final Complete on or before year-end reports and forms February 20, 2020 Questions about year-end processing? No problem. Email us at [email protected] or contact your dedicated Client Service Representative at 1.866.788.3500. 2 The Works | Year-End 2019 MARK YOUR CALENDAR: 2019 & 2020 IMPORTANT DATES PAYROLL PROCESSING & DELIVERY DATES Payment Date Processing Date Delivery Date Tuesday, December 24, 2019 Thursday, December 19, 2019 Friday, December 20, 2019 Friday, December 27, 2019 Friday, December 20, 2019 Monday, December 23, 2019 Monday, December 30, 2019 Monday, December 23, 2019 Friday, December 27, 2019 Tuesday, December 31, 2019 Tuesday, December 24, 2019 Friday, December 27, 2019 Thursday, January 2, 2020 Friday, December 27, 2019 Monday, December 30, 2019 Friday, January 3, 2020 Monday, December 30, 2019 Tuesday, December 31, 2019 Monday, January 6, 2020 Tuesday, December 31, 2019 Thursday, January 2, 2020 Dates may change after publishing. The most up-to-date list of holidays can be found by visiting payworks.ca/statholidays. Thursday, January 2, 2019 is a holiday in Québec. Please adjust your payment date as required if your banking institution is affected by this holiday. 2020 STATUTORY HOLIDAY SCHEDULE Holiday Date Banking Holiday New Year’s Day Wednesday, January 1, 2020 Wednesday, January 1, 2020 Traditional Holiday (QC) Thursday, January 2, 2020 Thursday, January 2, 2020 Third Monday in February* Monday, February 17, 2020 Monday, February 17, 2020 Heritage Day (YT) Friday, February 21, 2020 Friday, February 21, 2020 St. Patrick’s Day (NL) Tuesday, March 17, 2020 Monday, March 16, 2020 (observed) Good Friday Friday, April 10, 2020 Friday, April 10, 2020 Easter Monday (QC) Monday, April 13, 2020 Monday, April 13, 2020 Victoria Day (Patriots’ Day in QC) Monday, May 18, 2020 Monday, May 18, 2020 National Indigenous Peoples Day (NT, NU) Sunday, June 21, 2020 - Discovery Day (NL) Monday, June 22, 2020 Monday, June 22, 2020 St. Jean Baptiste (QC) Wednesday, June 24, 2020 Wednesday, June 24, 2020 Canada Day Wednesday, July 1, 2020 Wednesday, July 1, 2020 Orangeman’s Day (NL) Monday, July 13, 2020 Monday, July 13, 2020 First Monday in August** Monday, August 3, 2020 Monday, August 3, 2020 Discovery Day (YT) Monday, August 17, 2020 Monday, August 17, 2020 Labour Day Monday, September 7, 2020 Monday, September 7, 2020 Thanksgiving Day Monday, October 12, 2020 Monday, October 12, 2020 Remembrance Day*** Wednesday, November 11, 2020 Wednesday, November 11, 2020 Christmas Day Friday, December 25, 2020 Friday, December 25, 2020 Boxing Day Saturday, December 26, 2020 Monday, December 28, 2020 New Year’s Day Friday, January 1, 2021 Friday, January 1, 2021 *Holiday in BC, AB, SK, MB, ON, PE, NS, and NB. **Holiday in BC, SK, NT, NU, and NB. This is an optional day at the employer’s discretion in AB, MB, PEI, and NS. ***Offices closed in BC, AB, MB, YT, NT, NU, NB, PE, and NL. This is an optional day at the employer’s discretion in SK and NS. The Works | Year-End 2019 3 THE PAYWORKS YEAR-END EXPERIENCE There are a lot of moving parts when it comes to finalizing your company’s year-end, and even the slightest hiccup can cause Canadian payroll practitioners an abundance of stress. The payroll solution you use should provide peace of mind. It should enable payroll compliance and reduce the risk of error throughout the year so come year-end, the job is smooth and hassle-free. If the thought of T4s is weighing you down, let Payworks help you do all the heavy lifting. A HELPING HAND Each Payworks client is assigned their own dedicated Client Service Representative (CSR). During a hectic time of the year, always knowing who will be on the other end of the line when you need FINALIZE WHEN YOU’RE COMFORTABLE, CONFIDENT AND support is unparalleled. For day-to-day customer support, skip the READY introductions and back stories to instead deal directly with someone you know and trust. This relationship can make all of the difference Payworks has one processing deadline for all clients (February 20, during year-end. 2020). While we encourage all of our customers to follow the industry best practice of starting year-end and finalizing early, there’s no CHALLENGING TIME OF YEAR, EASY-TO-USE APPLICATION penalization fee for missing arbitrary deadlines. All Payworks’ clients Those who use Payworks for their year-end processing say they value have the February 20, 2020 deadline because Canadian employers/ our year-end check list. The same step-by-step guide you see on payers are required to distribute employee tax forms on or before the Page 2 is an interactive forum within the Payworks application. It’s not last day of February (February 29, 2020). only helpful; it also provides our clients with the peace of mind they’re GET YEAR-END REPORTS AND PREVIEWS ALL YEAR LONG not overlooking any important steps during a busy time of year. One of the ways we help our clients prevent costly errors and REST ASSURED WHEN IT COMES TO REMITTANCES stress during year-end is by making reports and previews available No need to worry about submitting tax form information or remittances throughout the entire year. Practitioners don’t have to wait until the last to the CRA/Revenu Québec; Payworks does that for you. Once you’ve pay run of the year to see what their employees’ T4s will look like. By finalized year-end, the rest is taken care of and you won’t be subject to doing so in advance, there is more time to discover and recover from penalties as a result. potential errors. Using Payworks’ solutions is the difference between having six months to fix your year-end reports or six days. OUR TOP 5 TIPS TO GET AHEAD UPFRONT PREP TO BEAT YEAR-END STRESS Remember last December? The moment you START COLLECTING SHORTAGES UPDATE EI AND WCB RATES found yourself wishing you had an earlier BEFORE ISSUING THE FINAL RUN OF BETWEEN THE FINAL RUN OF 2019 jump on year-end and vowed to definitely, THE YEAR AND THE FIRST RUN OF 2020 absolutely, no-seriously, get ahead of it next Spotting and collecting any EI and CPP Federal EI and provincial WCB rates for year? Well, “next year” is officially here. To shortages before 2019’s last payroll run will 2020 were published within the past few help you beat year-end stress, here are our ensure you’re compliant across the board months, and require a very simple (but easily upfront prep tips: before submitting the year’s documentation forgettable) adjustment within your system. MAKE SURE EMPLOYEE INFO IS and it will save both you and your employees Set your alarm on this one for early January. COMPLETELY UP-TO-DATE from after-the-fact headaches. BLOCK OFF TIME TO UNSCRAMBLE Overheard a rumour that one of your DON’T FORGET ABOUT YTD YOUR EMPLOYEE’S T4S ADJUSTMENTS employees bought a new house? Maybe All of us are more likely to miss a detail or someone recently celebrated a wedding and Keep a sharp eye on pension amounts two in an extreme time crunch. So put on is changing their name. Now is a great time to ensure they’re current and accurate, your proofreading glasses and double-check to ask all employees to take a minute to verify particularly with new or terminated that all earnings, deductions, and benefits their personnel info, fill in missing SIN details, employees.