Read these tips or take a 'Year-end' seminar from the Canadian Payroll Association
TORONTO, Dec. 3, 2013 /CNW/ - Tax time is almost here. For employers,
that means filing year-end tax slips and implementing new compliance
measures for the first payroll run of 2014. For employees, that means
understanding how legislative changes could affect their paycheque in
"The Canadian Payroll Association (CPA) is dedicated to helping payroll, finance and human resources
professionals have the smoothest year-end possible," said Steven Van
Alstine, Vice President, Education for the Canadian Payroll
Association. "This is crucial to mitigating risk and avoiding
compliance audits and penalties."
Read this brief summary of notable 2013 tax year reporting requirements
and compliance measures now in effect. Payroll practitioners wanting
more information can enroll in the CPA's popular one-day 'Year-end' seminar held across Canada. Visit payroll.ca.
Taxable Benefits Clarification
Canada Pension Plan Contributions and Form CPT30
AD&D and Critical Illness Insurance Premiums: The Canada Revenue Agency (CRA) clarified that employer-paid AD&D and
Critical Illness insurance premiums are a taxable benefit to employees,
effective January 1, 2013.
Education Benefits: Education benefits to non-employees (for example, family members) are
not included in the taxable income of the employee's taxable income.
Social or Athletic Club Memberships: Employer-paid memberships to such facilities are not considered a
taxable benefit if it is principally for the employer's advantage.
Effective January 1, 2012, CPP contributions became mandatory for all
employees between 60 and 65, even for individuals previously exempted
because they were receiving their Canada Pension Plan (CPP) benefits.
Employees age 65-70 who are receiving a CPP or Quebec Pension Plan
(QPP) benefit can opt out of continued CPP contributions if they file a
CPT30 form with the Canada Revenue Agency and their employer.
New Benefit for Parents of Critically Ill or Injured Children
A new Employment Insurance (EI) benefit became available on June 9,
2013, which could provide up to 35 weeks of leave to parents who are
absent from work to provide care or support to their critically ill or
Quebec RL-1 Box G Reporting Pensionable Earnings
The 2013 QPP contribution rate is higher than the CPP rate, creating
some administrative issues for employers that transfer employees in and
out of the province of Quebec.
Ontario Employer Health Tax
Pending the passing of legislation, the 2014 annual exemption of the
Employer Health Tax (EHT) for organizations with an Ontario payroll
will increase from $400,000 to $450,000. The exemption would be
eliminated for private-sector employers with an Ontario payroll of $5
million or more.
CRA Web Access Code
For those who file year-end slips electronically, a web access code
(WAC) provided in 2012 is valid for all future filings. Employers can
retrieve a lost WAC by contacting the CRA.
Year-end slips and summaries must be filed with the CRA or Revenu Québec
on or before February 28, 2014. There is still time to enroll in the
CPA's Year-end seminars, offered in select cities through January 2014.
For more information on the Canadian Payroll Association's Professional Development Seminars , Certification Programs, and the Benefits of Membership visit payroll.ca.
Visit payroll.ca. CPA representatives are available for interviews.
About the CPA:
The Canadian Payroll Association (CPA) has influenced the payroll
compliance practices and processes of hundreds of thousands of
employers since 1978. As the authoritative source of Canadian payroll
knowledge, the CPA affects the legislative processes and practices of
payroll service and software providers, as well as hundreds of
thousands of small, medium and large employers. Payroll professionals
in 1.5 million organizations across Canada are responsible for ensuring
the timely and accurate payment of $830 billion in wages and taxable
benefits, $260 billion in statutory remittances to the federal and
provincial governments and $90 billion in health and retirement
benefits, while complying with more than 190 regulatory requirements.
Image with caption: "Year-end is a crucial time for payroll, finance and human resources professionals, as year-end tax slips and new compliance measures must be finalized for the first payroll run of 2014.The Canadian Payroll Association provides these tax tips for employers and a popular Year-end seminar. More information at payroll.ca or http://tinyurl.com/l9ge2ou. (CNW Group/Canadian Payroll Association)". Image available at: http://photos.newswire.ca/images/download/20131203_C6975_PHOTO_EN_34233.jpg
SOURCE: Canadian Payroll Association
For further information:
Helene Robitaille, Communication Coordinator, email@example.com 416-487-3380 x 139