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Verify active employee information such as names, addresses, birth date and social insurance numbers (SINs)
Ensure bonuses are correctly allocated according to your internal policies (performance and/or holiday bonuses)
Verify terminated employee data
Verify and review that you have the correct employee deductions
Confirm Income tax deductions, Canada Pension Plan contributions and Employment Insurance (EI) premiums for each employee
Review employee wages, sick time, and accrued vacation and other carry over balances
Prepare for any adjustments to employee wage rates or salaries for the new payroll year
Prepare to reset sick days or sick time accrual according to your company policies
Pay out or carry over any accumulated vacation time (depending on your company policies)
Verify and review the employee benefits that were paid out, designating them taxable or non-taxable Review 2023 employee eligibility for benefits or allowances
Prepare your 2023 payroll schedule and ensure your pay schedules are correct
Verify that payroll payment days do not fall on holidays; adjust your payment schedule if necessary Complete a T4/RL slip for each employee
Review federal and provincial taxes
Complete and remit a T4 summary and/or RL summary form
Once all your T4/RL slips are complete, complete your T4 summary/RL form for the Canada Revenue Agency/Revenu Quebec
Update your payroll provider with new employer specific payroll rates

You probably have started this step as it’s the most important part of your end of the year reporting.

Here are some points to help you reconcile your 2022 payroll:

Review your current payroll set-up to ensure your employees’ earnings, taxable benefits and deductions have been programmed accurately
Audit taxable benefits against the CRA list to ensure they are being applied correctly Process any necessary taxable benefit adjustments
Update any manual or cancelled cheques in your payroll
Review your payroll bank account for uncashed or stale-dated cheques that may need to be replaced or cancelled
Balance remittances made against your payroll register
Run a T4 slip test and summary report to ensure your earnings, benefits, and deductions are reporting to the correct box and balance using the payroll register
Conduct an internal PIER audit of CPP and EI statutory deductions to check for discrepancies of over or under contributed amounts
To avoid penalties, remit outstanding CPP and EI statutory deductions on or before the final 2022 remittance date
Ensure you have employee’s correct social insurance numbers; run the SIN verification tool if necessary

Keep in mind that payrolls and direct deposits don’t process on Federal bank holidays.

New Year's Day, Sunday, January 1 (Monday, January 2 day off), National
Islander Day, Monday, February 20, PEI
Louis Riel Day, Monday, February 20, MB
Heritage Day, Monday, February 20, NS
Family Day, Monday, February 20, BC, AB, SK, ON, NB
Good Friday, Friday, April 7, National except QC
Easter Monday, Monday, April 10, QC
Victoria Day, Monday, May 22, National except NB, NS, NL
Aboriginal Day, Wednesday, June 21, NWT
St. Jean Baptiste Day, Saturday, June 24, QC
Canada Day, Saturday, July 1, National
Civic Holiday, Monday, August 7, AB, BC, SK, ON, NB, NU
Labour Day, Monday, September 4, National
National Day for Truth and Reconciliation, Saturday, September 30, National, federally regulated workplaces only
Thanksgiving, Monday, October 9, National except NB, NS, NL
Remembrance Day, Saturday, November 11, National except MB, ON, QC, NS
Christmas Day, Monday, December 25, National
Boxing Day, Tuesday, December 26, ON

As an employer, you are required to pay overtime in Ontario after 44 hours/week
The acronym CPP stands for the Canada Pension Plan.
An employee’s province of employment is either:
1.The province where your employee physically reports to work (your office). 2.If your employee does not work in your office, their province of employment is where your business is located and the province where you pay your employee’s wages.
Based on your employee’s province of employment, you’re required to calculate and remit source deductions for the following:
· Canada/Quebec Pension Plan (C/QPP)
· Employment Insurance (EI)
· Quebec Parental Insurance Plan (QPIP)
·Income taxes
As with employee source deductions, employer payroll taxes are generally determined by the employee’s province of employment. These payroll taxes include:
British Columbia Employer Health Tax (BCEHT)
Ontario’s Employer Health Tax (EHT)
Manitoba Health and Post-Secondary Health Tax Levy
Newfoundland and Labrador’s Health and Post-Secondary Education Tax
Quebec: Québec Health Services Fund (QHSF); Contributions to the Financing of the Commission des normes du travail (CNT); Contributions to the Workforce Skills Development and Recognition Fund (WSDRF); and Compensation Tax (certain financial institutions only)