Year-End Checklist

There are a number of tasks to consider when wrapping up your business activities at Year-End. Have you checked that:

• All balancing is completed including statutory deductions?
• Taxable benefits calculated and applied correctly? and that
• Valid SIN numbers are listed on all forms?

Below are some other items you may want to check:

Year-End Checklist
•	Attend Ceridian year-end refresher course or legislative seminar (classroom or via the web)
•	Report all amounts in Canadian dollars – no negative amounts
•	Complete all balancing including statutory deductions
•	Ensure C/QPP, EI and QPIP deductions / reporting is accurate
•	Create your own PIER, QPP, and QPIP deficiency reports, and correct deficiencies
•	Leave T4 Box 24 blank if same as Box 14 or nil
•	Leave T4 Box 26 blank if employee is at maximum; or completed if amounts in Box 14 not pensionable, or if pensionable earnings are greater than Box 14
•	Ensure Federal / QC taxable benefits correct (calculations / reporting)
•	Ensure valid SIN numbers are listed on all forms. Assist new employees in obtaining a SIN if they do not have one
•	Ensure employment earnings and deductions reported on T4 (All other amounts – T4A or Box O of RL-1)
•	Distribute new federal, provincial, and territorial TD1 forms (if employee/pensioner has changes); TP-1015.3 for Quebec
•	Ensure RL-1 slip is completed for employees subject to QC source deductions
•	Quebec – Ensure Box G OF RL-1 slip is completed if amounts reported in Box A were not pensionable or pensionable earnings were greater than Box A Report employer-paid premiums for health and dental premiums, and AD&D as provincial tax benefit on RL-1 slip Distribute new TD1-X forms for commission employees; TP-1015.R.13.1
•	Submit separate year-end reports for withholdings remitted under different business numbers (BN) including T4s.
•	Report retiring allowances on T4A Box 26 and 27; RL-1 slip
•	Ensure that employees who have transferred or worked in provinces have separate T4s
•	Include T4 and RL-1 slip for employees who have paid both C/QPP
•	Taxable benefits for retired / former employees reported on T4A (if more than $25) and RL-1 slip
•	Ensure all footnotes / codes reported where applicable
•	WCB top-ups reported on T4; WCB / Levy Returns completed
•	Ensure Employer RRSP contributions are not reported in Box 20 of the T4 or Box D of the RL-1. Report employer contributions on the T4 / RL-1 slip in boxes 14 / 40 and A / L
•	WCB payments reported on T5007 by provinces except Quebec
•	Include all manual cheques dated for this tax year, in the totals
•	Exclude all cancelled cheques
•	Accurately calculate pension adjustments and pension adjustment reversals (T10 form – PARs
•	File returns electronically if > 50 slips (CRA/MRQ) (T4/T4A summary not required, MRQ summaries required)
•	For reduced EI premium accounts, ensure two slips provided to employees who have transferred between accounts (PT/ FT)
•	Obtain all necessary guides/forms – CRA/MRQ/WCB, etc.
•	Gather all pertinent information watch for updates
•	Complete post mortem – prepare for next year-end

 

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