For our Canadian clients, tax time is just around the corner and we know preparing for it is no small task. Today, we’re breaking down the steps to help you review, adjust, and process your T4s in a timely and efficient manner in Workzoom.
Overall, 2020 was an unusual year to say the least. The CRA introduced new T4 reporting requirements for 2020 that will apply to all employers and help the CRA validate payments under the CEWS, CERB and CESB subsidies/benefits. To accommodate for these new requirements Workzoom is providing clients the ability to load values into these new T4 boxes, as well as a new T4 form that includes these boxes. This will enable us to provide the most flexibility while continuing to handle all pay frequencies appropriately.
Step 1 Verification
To ensure your organization and employee data are accurate, verify a few areas in your solution including your Business Registration Number(s), Worker Classes, addresses and contact info, pension registration number, and email address.
Step 2 T4 Auditing
Next, you’re ready to audit your employee data and add any year-to-date (YTD) adjustments as needed. You’ll want to make sure there aren’t outstanding activities such as pending leave approvals or expenses. During auditing, ensure your withholdings match CRA totals for remittance balances. Review your YTD Register and CRA Summary File when conducting your audit.
Step 3 T4 Processing
T4 processing is very much like payroll processing. An action item driven workflow guides you through the work that needs to be done, including creation of the final records, CRA Summary File, and T4s. Employees will be notified by email to login to their dashboard to access their T4s.
As always, our Client Success team is more than happy to provide further details or clarification! Create us a Support Case and we’ll be in touch!