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Payroll Accounting Assignments Solution
The Canada Pension Plan Regulations includes that employers need to deduct CPP contributions from remuneration. Remuneration is the amount that employer pays to employee benefits. In case remuneration is more than $500 then employer needs to fill out T4 information slip as per the RC4157. It includes income paid from employment, benefits and allowance which are taxable and other incomes.
All remuneration of the employees related to wages, salary and other payments needs to be included in the T4 information slip. The information slip needs to include taxable benefit, taxable allowances and other deductions. While completing the T4 information slip, general instructions has to be followed, such as dollar sign should not be included and completing the slip in an alphabetical manner has to be undertaken. All boxes in T4 information has to be completed. All information slip has to include basic information such as name, address and age to be included. The Box 10 of the information slip, the province of employment has to be reflected in abbreviation and a separate T4 slip has to be filled in case employee worked in more than one province. The amount that is deducted from employees for the purpose of CPP and QPP to be reported the BOX 16 and 17 have to be filled. In case employees does not contribute to CPP and QPP then such boxes need to be left blank and no contribution from employer is to be reported. During reporting period in case an employee turns 18 years old then employer need to initiate deducting CPP contribution. Employees between the ages of 65 years to 70 years of age need to fill out the CT Form 30, which is the Election to Stop Contribution to Canada Pension Plan. In case contribution to CPP was halted in the last year then CT Form 30 can be filled and employee can plan to restart their contribution. In case employee’s plans to stop CPP contribution then part A, B and C from the CT Form 30 has to be filled. Such cases are primarily due to non-contribution by employees turning 18 years of age and having deficiency in CPP.
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