Question

I was wondering if you could help me with two of my payroll questions?

1. The T4 summary information:

a) is not relevant for reporting other than to the CRA

b) Should be reconciled with all other government year-end compliance reports

c) Should be reconciled with final payroll registers and employer financial reports

d) All of above

2. As part of the preparation to complete the current year payroll records:

a) Taxable benefits are checked for completeness and accuracy

b) Any necessary forms are available in advance

c) Planning for coordination with other departments has been completed

d) All of above

Answer 1

1. The T4 summary information:

Answer is option C : Should be reconciled with final payroll registers and employer financial reports

T4 means information slip prepared by the employer about the total salary paid and tax deducted during the year. Hence the same should be tallied with payroll register prepared by employer and his internal report

2. As part of the preparation to complete the current year payroll records:

Answer is Option a : Taxable benefits are checked for completeness and accuracy

Taxable benefits of individual should be checked properly because the employees deduction and standard deduction should will result in deduction in tax liability