You ask, we answer: your top year-end questions right now
Jan 25, 2021Resources
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After a year that was anything but ordinary, we expect that even the most experienced payroll professionals have questions about the year-end process ! But never fear – your Client Service Representative is here. We’re also frequently updating the Client Help Centre within the Payworks application to make sure the information you need is at your fingertips 24/7.
In the meantime, here are some quick overviews of the most hot-button issues you’ve been inquiring about so far:
1. How can Payworks help me make sense of the new T4 boxes (57-60)?
We’ve got your back! A summary-level walkthrough is available on our blog (“What you need to know about new T4 boxes for 2020”), with additional information in the Help Centre for Payworks clients.
For clients who’ve been with Payworks since March 15, 2020, Boxes 57-60 will be automatically populated, including any earning or benefit that is coded to Box 14, 30, 32, 34, 36, 38, 40, 42 or 71. Manuals, Reversals and Extra Payments are included in the periods they’re processed in, not the Pay Period they’re allocated to for Employment Insurance (EI).
We’ve also got options to assist clients who came on board after March 15, 2020 – we recommend consulting your CSR on which of Boxes 57-60 will require manual input based on the specified date ranges and your first payroll run with Payworks.
For more answers to questions like “What if there’s a period that an employee didn’t earn income?”, “What if a T4 doesn’t contain a COVID-19 related code?” and more, please log into the Help Centre or reach out to your dedicated CSR.
2. Will Payworks complete the PD27 for the Temporary 10% Wage Subsidy for Employers on my behalf?
While we’d love to take this task off your plate, this is a form that all clients must complete, sign and submit to the government independently.
However, we’re happy to offer guidance! We’ve developed a Temporary Wage Subsidy Report, available within the Payworks application, to make this process easier and more user-friendly. You can access this report within the application under Reports > COVID-19 Reports, where you’ll also find the CEWS Baseline Remuneration Report, CEWS Earnings Report and CEWS Employer Paid Contributions Report for assistance with the other major national 2020 wage subsidy.
3. Help! When does Employer Health Tax (EHT) collection resume for British Columbia?
For our clients on the West Coast, Payworks collects BC EHT in installments and remits these funds to BC Finance. While collection had been deferred in light of the pandemic, it has now resumed in the following installment schedule:
- Due December 31, 2020: Collected on first payroll after November 1, 2020
- Due January 31, 2021: Collected on first payroll after December 1, 2020
- Due February 28, 2021: Collected on first payroll after January 1, 2021
- Due March 31, 2021: Collected on first payroll after February 1, 2021
The third and fourth installments will be based on 2020 YTD actual remuneration amounts created automatically when the database changes years; you also have the option to manually enter this information if you prefer.
Don’t see your most pressing question answered here? Don’t hesitate to reach out to your dedicated CSR – throughout the year, we’re here, and we look forward to making your year-end experience run more smoothly.