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What is the Canadian equivalent of a 941 form?
The Canadian equivalent of the IRS Form 941, which is used for reporting income taxes, Social Security, and Medicare taxes withheld from employee paychecks, is the Employer's Payroll Deductions Remittance Form (PD7A). Employers in Canada must report and remit payroll deductions for the Canada Pension Plan (CPP), Employment Insurance (EI), and income tax. The PD7A form is typically submitted on a monthly or quarterly basis, depending on the employer's remittance schedule.
What documents a payroll practitioner will use to reconcile the payroll for year end T4 and T4A?
The Canada Revenue Agency (CRA) deadline for receiving T4's and T4A's is the last day of February each year. In order to be compliant with this deadline and to ensure the accuracy, there are several documents that may be used to reconcile the payroll account. Such forms that could be used are as follows; •PD7A - Statement of Account of Current Source Deductions shows the year to date accumulated total of source deductions received by CRA. •Payroll Generated Reports - such reports could include employee deduction totals of CPP, EI, and Income Tax. As well as gross taxable income, CPP Pensionable earnings, EI Insurable earnings and WSIB assessable earnings. •Taxable Benefits - using excel spreadsheets in order to ensure benefits are added on a pay period basis as the benefits are received and enjoyed. •Employee manual cheques - update payroll records on a pay period basis to include any payments prepared outside of normal payroll run. This could also be managed with an excel spreadsheet. •Employee Data Base - ensure that all employee data is correct and current
