payroll year end 2017

Year End Checklist: Closing 2017 and preparing for your first pay of the New Year

As we are ready to celebrate the year it was and welcome the next chapter, we as payroll people have to ensure our year end is as clean as possible.

Below is an internal checklist to consider for your year-end payroll process:

– Attend training and read up on Year End Processes from your payroll service provider
– Be aware of crucial team member time offs and availability during the holidays
– Adjust for any payroll processing days that fall on Statutory Holidays
– Last payments for 2017. Before the calendar days run out, any payments that need to be included on this year’s T4s need to be completed
– Auditing and Previewing your Year End Reporting before finalizing (T4s, Tax Remittances, Discrepancies Reports etc..)
– Adjustments for any mistakes or accruals
– Reviewing year end deadlines with your payroll service provider
– Completing your year-end process with your payroll service provider
– Communications to employees the delivery of T4s
– Review the 2018 payroll calendar to make sure any pay dates don’t conflict with Banking Holidays
– Update Provincial Health Taxes rates, exemption amounts in your payroll system if applicable
– Update Workers Compensation rates in your payroll system if applicable
– Update any Reduced EI, CSST rates in your payroll system if applicable
– Update any payroll or benefit rates for 2018 in your payroll system if applicable
– Coordinate with your payroll service provider on the 2018 tax updates to the system
– Distribute and/or communicate to employees any updates to Federal and Provincial TD1s for 2018
– Send Reminders to employees about updating their address, emergency contacts, dependent/beneficiary contacts
– Be prepared to review and audit the first pay for 2018 ahead of your normal processing time because of any system issues or updates above that must be correct prior to the first pay completion

As the subject matter expert in your organization you must always keep track with the latest in legislative and compliance updates. In addition, it is important to connect with your HRIS and Canadian payroll service provider about year-end trainings, support hours and availability around the holidays to make sure you are ready for the first payroll of the new year.

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