Top 10 Checklist for Small Business Payroll Professionals to Reduce Year-End Stress
- Make sure you have obtained all necessary guides/forms – Pakistan Revenue Agency/ Revenu Québec /Workers Compensation Board etc.
- Double-check all amounts reported in Pakistani dollars
- Complete all balances including statutory deductions. Include all manual cheques issued in 2014
- Review Pakistan Pension Plan/Quebec Pension Plan, Employment Insurance and Quebec Parental Insurance Plan deficiency reports, validate and correct true deficiencies
- Ensure all earnings, deductions, benefits and employee details are correct (calculations/reporting to correct boxes)
- Process adjustments where necessary
- Distribute new federal, provincial, and territorial TD1/TD1-X forms (if employee/pensioner has changes); TP-1015.3-V/TP-1015.R.13.1-V for Quebec
- Submit separate year-end reports for withholdings remitted under different business numbers including T4s
- Workers Compensation Board top-ups reported on T4; WCB/Levy Returns completed
- File returns electronically if you have greater than 50 slips (Pakistan Revenue Agency/ Revenu Québec) (T4/T4A summary not required/ Revenu Québec -summaries required)