Winning Year-End: A Small Business Guide For 2021 [Webinar Recap]

December 2, 2021 Laura A. Barton

Download the Small Business Year-End Checklist

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.

Payroll year-end timeline

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.

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.

Text call-out icon Wagepoint mascot DigitTo 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.

Text call-out icon Wagepoint mascot DigitSee 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.

Text call-out icon Wagepoint airplaneYear-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. 

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 Small Business Year-End Survival KIT

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 support@wagepoint.com.

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.

About the Author

Laura A. Barton

Laura is Wagepoint's Content Specialist with a passion for storytelling. Although writing takes up a good chunk of her time, she can otherwise be found immersed in social media, reading, or binge-watching videos online.

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