Tips and Timelines for Year-End

Dec 22
A successful year-end revolves around – no huge surprise – your year-end documents. So we’ve prepared this article to guide you through Wagepoint’s 2023-2024 review and submission periods, as well as some helpful tips to keep you on track.

How does document submission work in Wagepoint 2.0 this year?

You’ll use our Year-end forms workflow to generate your forms and, if you select electronic submission, file your forms as well.

If you choose electronic submission, complete the workflow and click Submit anytime during the review period of January 2, 2024 at 12:00 am ET to February 26, 2024 at 11:59 pm ET and your file(s) will be transmitted to Canada Revenue Agency (CRA) within 1-2 business days.

If you choose manual submission, we can generate your forms anytime after January 2nd, but you will be responsible for filing your year-end forms with the CRA. 

Tips and tricks to help with your year-end documents.

1. Verify employee details. A tiny mistake in an employee’s information can create headaches when submitting your year-end forms, especially if this happens for multiple employees at once. To keep your year-end smooth sailing, now is the perfect time to verify details for all active and terminated employees. Check for things like first name, last name, SIN, address and tax settings.

2. Confirm employee portal access. Make sure that all of your employees are able to access their Wagepoint employee portals, where their T4s/T4As will be posted in 2024. Once you’ve invited your team, ask each individual to test whether they are able to log in. No luck? Ask them to reset their password.

3. Prepare to fill out box 45 (Employee-Offered Dental Benefits) for each employee. Starting in the 2023 calendar year, it is mandatory to indicate whether each employee or any of their family members were eligible for employee-offered dental benefits on December 31 of that year, to access any dental care insurance, or coverage of dental services of any kind, that you offered.

To prepare for this ahead of time, please review the “Box 45” section of this government-provided resource, and make sure you know ahead of time which code applies to which employee.

4. As per the CRA, the year-end reporting period only looks at pay dates that fall within the calendar year — January to December 2023. In other words, anything you want showing on your 2023 year-end documents must be processed in 2023 and have a pay date in 2023.

5. If you have payrolls that were processed outside of Wagepoint, you must enter the year-to-date amounts into the system in order for the wages and taxes to be included in your year-end reports. If these amounts were not added at the time that the employee was set up in the system, you will also be able to add these to the T4 during the review process.

6. If you choose to manually file your forms or have active or terminated employees who don’t have access to their Wagepoint employee accounts online, you will need to print and physically mail or hand out their T4 / T4As.. (You must also request their written permission to use alternate methods of delivery like standard mail.)

Important payroll timelines for 2023-2024 year-end.

Jan. 2, 2024
First date to generate and submit T4 and T4A reports for 2023 in Wagepoint.

Jan. 11, 2024 onward
Employees can begin accessing their individual T4 / T4A forms online through their Wagepoint employee accounts. This applies only if electronic submission was used. After this date, employees will be able to access PDF copies of their T4 / T4A forms approximately 48 business hours after employers submit the forms within Wagepoint.

Feb. 26, 2024
To avoid late penalties, we recommend that you complete any electronic submissions in Wagepoint by February 26 so you have enough time to ensure that everything is filed with the government and your employees on or before February 29, 2024.

Mar. 1, 2024 onward
If applicable, you can request amendments for any year-end reports that have been submitted electronically.

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