Canadian Payroll Reporter

Payroll Reporter R adian a www.payrollreporter.com December 2014 December 2014 Payroll plays key role in 'historic Payroll plays key role in 'historic compromise' of workers' compensation compromise' of workers' compensation Workers' comp bodies rely on honest, accurate payrolls Workers' comp bodies rely on honest, accurate payrolls BY SHEILA BRAWN RIGHT NOW, many payroll de- partments are focused on pro- cessing regular payrolls while gearing up for new year changes and T4 filing. At this time of year, workers' comp boards don't want payroll to forget about them. Most boards require employ- ers to file an annual payroll re- port showing assessable earnings by the end of February (March for Ontario and Quebec). "For a lot of payroll folks, they have got to deal with everything on a weekly, biweekly or monthly basis. We're just a once-a-year deal for them, so it's not top-of- mind sometimes," says James Wilson, manager of audit and underwriting at the Alberta Workers' Compensation Board. Despite this, it is important for employers file annual payroll reports accurately and on time because the boards need the in- formation to determine if em- ployers are paying the required amount for workers' compensa- tion coverage and to set industry and individual employer assess- ment rates, he says. "The system relies on self- reporting. That applies to ev- ery jurisdiction in Canada. We don't put somebody into each organization to ensure that for every dollar of payroll, is it be- ing reported? It's just like the tax system. We rely on people to file honestly and credibly." Peter Wiebe, supervisor of Canada Bill would implement proposed small business EI tax credit Federal Finance Minister Joe Oliver has tabled legislation to imple- ment a proposed employment insurance (EI) tax credit that would effectively lower EI premiums for eligible small businesses in 2015 and 2016. Oliver introduced Bill C-43, the Economic Action Plan 2014, No. 2, in Parliament on Oct. 23. At press time, the bill had not yet passed. It would implement provisions proposed in this year's federal see LEGISLATIVE ROUNDUP on page 7 PM #40065782 Legislative Roundup Changes in payroll laws and regulations from across Canada News In Brief pg. 4 CPP maximum pensionable earnings increasing; reduced EI premiums; little change in August earnings; unemployment rate 6.5 per cent in October Ask an expert pg. 5 2015 statutory holidays; reporting a retiring allowance on a T4; reporting SUB plan payments on an ROE Year-end reporting: Year-end reporting: What you need to know What you need to know Tips for wrapping up 2014 Tips for wrapping up 2014 BY CARSWELL'S PAYROLL CONSULTING GROUP IT IS THAT time of year again. While many people's thoughts turn to snow and holiday shop- ping in December, for payroll, the month is a time to gear up for year-end reporting while preparing for January changes. T4s, T4As, T4A-NRs are RL-1s are due Monday, March 2, 2015 (since Feb. 28 is a Saturday). Most payroll professionals are well aware of all that is involved in year-end reporting, but it never hurts to have reminders. The following tips are provid- ed to assist payroll departments with preparations for 2014 year- end reporting. Before completing T4s and T4As, ensure that the following items have been checked: An act of understanding pg. 3 Knowing the steps required to turn draft legislation into law can give payroll professionals an advantage see ADDITIONAL on page 6 see REPORTING on page 2 A construction worker at a condominium building in downtown Toronto. Credit: Mark Blinch

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