Payroll Reporter R
adian a
www.payroll-reporter.com
December 2015 December 2015
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Legislative Roundup
Changes in payroll laws and regulations
from across Canada
News in Brief pg. 4
CPP maximum pensionable
earnings increasing for 2016 |
Costly employee benefi ts| P.E.I. WCB
delivering surplus to employers
Ask an expert pg. 5
A complete list of statutory
holidays for 2016|Producing
a T4 at the same time as
a Record of Employment
upon termination
see BIG page 2
'Tis the 'Tis the
season season
to be busy to be busy
December can be one December can be one
of the most hectic of the most hectic
months for payroll months for payroll
BY SHEILA BRAWN
IT IS DECEMBER and every payroll profes-
sional knows what that means. It is time to
expertly juggle many balls at the same time,
being careful not to drop any of them.
Not only does payroll have to make sure
employees are paid their last pay of the year
on time, they also have to get ready for the
first pay of 2016 and for 2015 year-end re-
porting.
"You could potentially be working on two
pay cycles at the end of the year," says An-
nie Chong, manager of Carswell's Payroll
Consulting Group in Toronto. "You have to
Putting payroll
in the penalty box
Employers that fail to meet payroll
obligations can face penalties from CRA
BY SHEILA BRAWN
PAYROLL is a profession built around compliance. Those who work
in payroll have to adhere to numerous rules set out in dozens of acts
and regulations at the federal and provincial/territorial level, each
with their own requirements and consequences for failing to fulfill
the obligations.
Knowing the potential penalties and sharing them with an orga-
nization's key decision-makers can be an effective way to make sure
an employer follows the rules. Here is a look at some of the main
Federal
New income tax
rates expected for 2016
Canada's new Liberal government is proposing to implement new
personal income tax rates next year.
During the recent federal election campaign, the Liberals prom-
ised to reduce the tax rate for the second tax bracket (meaning an-
nual taxable income between $44,701 and $89,401) from 22 per cent
to 20.5 per cent and to introduce a new tax rate of 33 per cent for
individuals earning more than $200,000 a year. Currently, the high-
est tax rate, 29 per cent, applies to taxable income over $138,586.
see NEW on page 6
Credit:
James
A.
Kost/Shutterstock
Tips and reminders pg. 3
Payroll experts take a look at how
to accurately complete and submit
T4 and RL-1 information returns
when it comes to year-end
