Here are a few ideas to make your payroll year end easier:
• Are you missing any information for your staff - to complete T4s you need to have SINs and current addresses for every employee (current or past) who worked for you during the year.
• Payments to staff outside of the payroll system need to be added to the T4’s before the year ends in case there are any CPP, EI or taxes owing. This will also prevent late penalties and Pensionable and Insurable Earnings reviews from CRA.
• TD1’s should be reviewed and especially for staff claiming amounts above the basic on their TD1 or have extra tax deducted, be sure the staff review their forms and they are up to date for the new payroll year in January.
• Taxable Benefits not tracked in the payroll system be sure to get advise on how to deal with these.
If you did not know Canada Revenue Agency has an app CRA BizApp. The CRA BizApp is a mobile web app for small business owners and sole proprietors. It lets you manage your business accounts securely, anytime and anywhere. CRA BizApp is available on the go, and on any mobile device with an Internet browser. The app is not on the app stores.
To our valued customers and friends
The offices of Platinum Books & Five Star Accounting
will be closed on Monday November 12 in recognition of Remembrance Day
From our Team to you and your family
May we all take a few minutes to reflect on everything good in our lives
Have a Wonderful Thanksgiving!
Some interesting economic indicators for our local economy - minimum wage will be increased to $11.35/hour effective October 1; Our population has increased by about 6% over the past couple years; the Consumer Price Index for this year is 2.5%; Retail Sales are down 1.4% so far this year and the Gross Domestic product is expected to grow by 1.9%. We hope you enjoy the first official weekend of fall.
Greg Libbrecht - President, Platinum Books & Five Star Accounting
Another year of Ride Around the Lake has come an extremely successful conclusion. An incredible group of riders / organizers / volunteers came together to raise well over $260,000 - these funds will be used to build at least one Net Zero home. Thank you very much to everyone who helped support this great cause!
Greg Libbrecht, Platinum Books & Five Star
Just seven days until the 12th annual Ride Around the Lake will begin. Help us support Habitat for Humanity next week. [Click Here to make a donation]
Our office is going to be closed on labour day on September 3. We wish you and your family a fantastic last weekend before the back to school and regular September schedule!
Greg Libbrecht – President PB/FSA
Unless their parents put in place planning for post-secondary education students will owe close to $30,000 upon graduation. It is estimated 74% of students will owe this amount when they graduate and most will need even further training to be successful in their chosen field. In addition the cost of tuition for a number of specialized professions has dis-proportionately risen in recent years – putting these students at risk for even higher debt loads upon graduation.
Platinum Books / Five Star Accounting is proud to be a supporter of Habitat for Humanity. This is a great organization that provides a hand up to families that have earned the privilege. These families are very thoroughly screened and personally put in hundreds of volunteer hours helping build other homes in addition to their own home.