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Outlined below are the step-by-step procedures required to complete your payroll year-end. The process will begin with the creation of a year-end record that contains the information needed to generate each employee's individual T4, T4A, Releve1 and other forms. After the file is created, you can perform manual edits as needed before creating the XML file for submission to the Canada Revenue Agency (CRA).
Year-End Basics - Each year, employers must complete and issue the appropriate form(s) (e.g., T4, T4A, RL-1) to every employee, retiree, officer or other individual to whom they paid remuneration in the year. Employers must also send copies of the forms (or a magnetic media file), as well as the matching summary, to the Canada Revenue Agency (CRA).
Employers must file T4 and T4A information returns (slips and related summaries) by the last day of February each year. eNETEmployer assists in this process by providing a facility to create a file containing the relevant data.
T4 and T4A Forms - eNETEmployer allows you to generate your T4 and T4A forms easily. Each employee's T4, T4A, and Relevé 1 information is extracted from the payroll database and used to produce the forms. During the process, eNETEmployer will assign each employee's deductions and benefits to the corresponding boxes. Note: The year-end procedure should be completed before the last day in February of the new year (or to be more specific, sometime after your last payroll run that contains a cheque date ending in that calendar year). For example, if you have a bi-weekly pay period ending on December 20 with cheques dated in January of the following year, this run would be considered the first payroll of the new year.
Completing your Final Payroll of the Year - Once you have followed the normal steps to complete your payroll cycle for a given year, you should give special consideration to other year-end requirements. For example, certain provinces require a Workers' Compensation report to be produced at year-end. You can create this document from the Reports screen.
Many payroll administrators also produce an Employee Profile report for each employee at year end. This report that can be stored in their employee file. Year-end is also a good time to review any other year-end reports that may have to be processed.
The year-end process can completed using the steps shown below. The steps are shown in the suggested order for optimal work flow.