2019 is coming to an end and the holiday season is approaching fast. Before heading out for the holidays, it is necessary for organizations to wrap up their year-end payroll tasks and prepare for any payroll updates in the new year.
To ensure a stress-free year-end season, we prepared a step-by-step year-end payroll checklist to help you and your payroll team plan and complete the important payroll tasks required to close out the calendar year and kick start your new year on the right note.
If you’re a small business owner going through the year-end payroll process for the first time, it is important for you to understand the tasks and objectives associated with year-end payroll processing.
Some of the tasks are simply good housekeeping practices (i.e. verifying your employee’s social insurance numbers, reviewing your payroll system, etc), while others are legislative requirements (i.e. ensuring your payroll taxes have been remitted accurately, filing employee T4 slips and summaries with the CRA, etc.) that could result in costly fines.
Follow our year-end payroll checklist to minimize any surprises and enjoy the holiday season!