19 Jan Let the Tax Season Begin
As most business owners know, with the start of a new year comes the start of tax season. This is where your accountant staffing team, such as a Bookkeeper or Payroll Specialist, will be instrumental in ensuring a successful tax season.
First up, the year-end processes. Your accountant staffing team would have begun year-end processes back in November 2017, continuing it into the new year. This involves reviewing, balancing, and reconciling your various financial and payroll reports to determine accuracy.
In January, compiling, completing, and filing the appropriate T slips for employees to the Canada Revenue Agency (CRA) by the deadline, February 28, 2018, is crucial. This deadline is a legal requirement. Employers must also release the T4s to the employees on or before February 28, 2018. The more you can do in advance of this deadline, the less stressful it will be for your accountant staffing team. For example, it is important your Payroll Specialist ensure the company has up to date and appropriate information, such as mailing addresses, etc., for the T4 slips on all employees by the end of January to allow the company enough time to meet the deadline.
Are you unsure of where you stand in the process? There are resources available:
- Canada Revenue Agency (CRA) guides and forms
- Canadian Payroll Association – Payroll.ca – 2017 Year-End/New Year Checklist (under Resources tab)
- Your company’s own payroll provider
Bottom-line, the more your accountant staffing team can do now, the less stressful it will be when the deadline comes. Being proactive versus reactive will help your company navigate tax season and, hopefully, foster a prosperous new year.
All the best in 2018.
Kelly Johnstone, CA, CPA(Illinois)
CEO | KLM Financial
Office: 902-334-2402 | Mobile: 902-401-4428
1496 Bedford Highway Suite 101, Bedford NS, B4A 1E5