For a small business, winning year-end might look like getting through it with as few missteps as possible. As we mentioned to our Wagepoint Partners, the only tears we strive for are happy tears. So now the question is how do we achieve that?
Well, there's this small business guide for 2021. Our webinar saw small business attendees in the capable hands of Wagepoint Community Manager, Bianca Mueller, and Partner Account Manager, Ranjit Nalwa. Together, they tag-teamed to deliver the steps to success, which you can watch above in the recording or continue reading about in this recap.
Dates, timelines and other important payroll things.
If you like visuals as much as we do, you'll appreciate this timeline. It maps out the next few months and the tasks you'll want to complete for pay runs, year-end payroll forms and submissions.
One of the keys to a smooth payroll year-end is making sure that you're ahead of the game instead of scrambling at the last minute. To keep you on track with that timeline, here are a few links that can help.
- 5 Really Important Things You Must Do In November To Prepare For Year-End (It's not November anymore, but we still recommend reading this!)
- Timelines And Tips For 2021 Year-End Documents (T4s, T4As and RL-1s)
- 2021 Canadian Small Business Payroll Calendar
You get a T4! You get a T4! Everyone gets a T4!
T4s, T4As, RL-1s and their related summaries are big parts of payroll year-end for small businesses. If you're not familiar with these forms, a good place to start is with our article, Canadian Small Business Employer’s Guide to T4s, T4As and RL-1s, which gives you a lot of details about each form.
Here's a breakdown of how T4s, T4As and RL-1s were touched on in the webinar:
T4, T4A and RL-1 submission via Wagepoint
So long as you've completed two (2) pay runs in a calendar year, we will create and can file complimentary T4s, T4As and/or RL-1s to the Canada Revenue Agency (CRA) or Revenu Québec (RQ) for you. That's a nice item to check off your to-do list! There are a couple of ways to do this.
The first is our new early submission process. In previous years, there was a Submit Early button to signal these forms were ready for submission before the February deadline. Now all it takes is clicking a Submit button, and then we will handle these on a daily basis.
If you don't want to go with this option, however, that's okay! You can still use the Auto-submit tax forms feature. Just make sure it's toggled to 'YES,' and we'll bulk submit your forms when the time comes.
To see where you can find the Auto-submit tax forms setting, jump to 27:30 in the recording above.
Review T4, T4A and RL-1 details with our NEW Wagepoint report
We have a shiny new report for this year-end season: The T4/T4A/RL-1 Data Export. With the report, you can export information related to these forms in .CSV format and see the figures for each box. This gives you the chance to review them before they go to the CRA or RQ so you can make any changes to the forms come January if you need to before filing.
See a demo of the T4/T4A/RL-1 Data Export and other important year-end reports at 28:30 of the webinar recording.
T4 distribution and employee privacy compliance
Regardless of how un-fun that might sound, distribution and privacy compliance are not a part of the process you want to rush through.
Year-end forms include sensitive information — both your business's and your employees'! If you're thinking about simply emailing your employees their T4s or other year-end forms, you'll want to read the following links to see why that's not a good idea nor following privacy compliance.
- Electronic Distribution of T4 slips
- The Personal Information Protection and Electronic Documents Act (PIPEDA)
- Provincial laws that may apply instead of PIPEDA
Year-end is a good time to reflect on payroll security. Use these 5 ways to get a hold on payroll security to protect you, your employees and your Wagepoint account.
Employer-employee communication is key.
Apart from sending your employees their year-end forms, there may be other things you want to share with them. Here are some communication points from the webinar you can consider as a small business owner.
- Remind your team that if they maxed out Employment Insurance (EI) or Canadian Pension Plan (CPP) contributions in 2021, they'll notice a decrease in their net pay in 2022.
- Remind your employees to fill out new TD1 Personal Tax Credits Return forms if required. You can also educate employees on the tax credits that commonly affect taxes (ie. tuition, dependants, spouse).
- Update company contributions for Registered Retirement Savings Plans (RRSPs) or let your team know of any changes or updates to benefits.
- Update or set communication preferences with employees.
- Update company messaging to be more inclusive.
Your very own Wagepoint Year-End Survival KIT.
We want those happy tears and to keep year-end as stress-free as possible for you. This webinar is a part of our Small Business Year-End Survival KIT where there are many other resources, checklists and guides waiting for you. We've also dropped in some goodies for when you need a boost.
Your payroll BFFs are here to help.
Have no fear, your payroll BFFs are here! If you get stuck on something, contact our Customer Support Team by submitting a ticket directly within the app or by sending us an email at firstname.lastname@example.org.
The advice we share on our blog is intended to be informational. It does not replace the expertise of accredited business professionals. Remittance and reporting capabilities within Wagepoint vary by location. To qualify for complimentary T4s, a business must run a minimum of two (2) payrolls in the current calendar year.
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