How to Manage 40 Million Tax Slips at Year-end

The Canadian Payroll Association's Seminars Will Help Win the Year-end Reporting Race

TORONTO, Oct. 13, 2016 /CNW/ - Preparing for the year-end generation of 40 million tax slips (T4s, T4As and RL-1s) brings a wide range of challenges for payroll, accounting and human resources staff. Employers rely on payroll practitioners to process accurate and compliant tax information to minimize the risk of audits and penalties. The burden of payroll compliance, with over 200 federal and provincial regulatory requirements, can be stressful for many. To manage this process and pave the way for a smooth year-end, the Canadian Payroll Association (CPA) offers professional development seminars for payroll, accounting and HR practitioners of all levels.

Year-end training, including the CPA's popular Year-end and New Year Requirements seminar, provides practitioners with the legislative changes, tools and compliance knowledge to deliver accurate year-end tax slips.

It is also an effective way for employers and their payroll staff to overcome key reporting challenges faced by organizations. Some of the top challenges facing organizations at year-end, addressed in the year-end seminars, include: lack of knowledge of legislative changes, missing steps in the year-end reporting process, and failing to plan for next year's requirements.

Missing Legislative and Regulatory Changes

Each year, the federal and provincial governments make changes to the more than 200 legislative and regulatory requirements affecting employer reporting of taxes, benefits and withholdings. These changes impact contribution rates, maximums, compensation, benefit plans, statutory deductions, employer remittances and more. The complexity of federal and other jurisdictional updates demand that payroll staff focus on these compliance changes.

The CPA tracks these changes and provides guidance on them in its full-day Year-end and New Year Requirements seminar, and the Legislative Updates: Year-end and New Year seminar, a half-day workshop designed for experienced payroll practitioners.  Both these offerings support practitioners looking to understand what is changing legislatively for year-end and what to anticipate for the New Year.

Missing Steps in the Year-end Reporting Race

Federal and provincial year-end reporting involves myriad tasks necessary to meet and complete current year-end and New Year requirements on time. This includes everything from dealing with an employee's final pay cheque, to handling overpayments and remittances for the year, or remembering and meeting key filing deadlines. CPA members and year-end seminar attendees receive the valuable Year-End and New Year Requirements Checklist to help ensure all necessary steps have been understood and accounted for.

Planning for 2017

Without a plan, it is easy to focus just on completing year-end reporting and not think about planning for the next year. The Year-end and New Year Requirements seminar is essential for those responsible for a Canadian payroll to implement a year-round plan to achieve year-end success.

"Payroll, accounting and human resources practitioners should take this seminar every year," says Janet Spence, CPM, Manager, Compliance Services and Programs at the Association. "The complexity of new legislation, revisions, interpretations and rate adjustments that affect payroll grows every year. It is important to be proactive by keeping your compliance knowledge and skills up-to-date before being faced with year-end and New Year challenges."

The CPA's year-end seminars are available from October to December at various locations across Canada, and limited locations in January. For a complete listing of seminar dates and for more information on the CPA's Professional Development Seminars, Certification Programs and Benefits of Membership, visit payroll.ca / paie.ca.

About the Canadian Payroll Association:
Canada's 1.5 million employers rely on payroll practitioners to ensure the timely and accurate annual payment of $901 billion in wages and taxable benefits, $305 billion in statutory remittances to the federal and provincial governments, and $169 billion in health and retirement benefits, while complying with more than 200 federal and provincial regulatory requirements. Since 1978, the Canadian Payroll Association has annually influenced the payroll compliance practices and processes of over 500,000 organizational payrolls. As the authoritative source of Canadian payroll compliance knowledge, the Canadian Payroll Association promotes payroll compliance through education and advocacy. 

SOURCE Canadian Payroll Association

Image with caption: "The Canadian Payroll Association offers over 20 different Professional Development Seminars across Canada, for members and non-members in payroll, accounting, finance and human resources who recognize the value of payroll compliance knowledge. Our Year-end & New Year Requirements seminar is essential learning for anyone responsible for a Canadian payroll. (CNW Group/Canadian Payroll Association)". Image available at: http://photos.newswire.ca/images/download/20161013_C2671_PHOTO_EN_787474.jpg

Alison Rutka, Communications Specialist, [email protected], 416-487-3380 x 125