CANADA PENSION PLAN REPORTING REQUIREMENTS ON THE T4, Accounting Basics

CANADA PENSION PLAN REPORTING REQUIREMENTS ON THE T4, Accounting Basics

Assignment Help:

SCENARIO

In May of the current year, your employer received a PIER report from the CRA that identified Canada Pension Plan (CPP) contribution deficiencies for employees in the organization who:

turned 18 during the year
turned 70 during the year
had chosen to opt out of paying CPP by submitting a completed CPT30 form
To avoid a recurrence, the Payroll Manager, Mary Arnstein, has asked you to prepare a summary of the CPP reporting requirements on T4 information slips. The summary will be used to validate the current payroll setup to ensure that the T4s will be completed properly in future. Provide information on the CPP related boxes that must be completed, including how any amounts are calculated, for employees who:

are under 18 for the entire year
turn 18 during the year
are over 70 for the entire year
turn 70 during the year
submit a completed CPT30 form during the year, electing to stop contributing to the Canada Pension Plan
submit a completed CPT30 form during the year, revoking their previous election to stop contributing to the Canada Pension Plan

Related Discussions:- CANADA PENSION PLAN REPORTING REQUIREMENTS ON THE T4

Define tds and sale tax retrun?, TDS (tax deducted at sources) .The person ...

TDS (tax deducted at sources) .The person whereas making payments of income,covered by the scheme are responsible to deducted TDS and deposite the similar in goverment treasury wi

Dividing partnership income, Dividing Partnership Income Desmond Drury ...

Dividing Partnership Income Desmond Drury and Ty Wilkins have decided to form a partnership. They have agreed that Drury is to invest $44,700 and that Wilkins is to invest $1

Stocks, Please help journalize: -On January 1, 2017 Harmony issued 1,500 sh...

Please help journalize: -On January 1, 2017 Harmony issued 1,500 shares of $22 par, 8% preferred stock for $43,700. -On January 1, 2017 Harmony also issued 2,000 shares of common s

Activities in business organization, what are the activities in the busines...

what are the activities in the business organization

Cost concept, The resources as machinery, property, buildings and land righ...

The resources as machinery, property, buildings and land rights etc. such a business owns are termed as assets. The money values allocated to assets are derived from the cost conce

An example of a committed fixed cost would be:, An example of a committed f...

An example of a committed fixed cost would be: a) taxes on real estate b) management development programs c) public relations d) advertising programs

Describe the accounting procedures, Q. Describe the accounting procedures? ...

Q. Describe the accounting procedures? The demand for college professors differ greatly by discipline. In fields such like Fine Arts, English, Philosophy and Psychology there i

Invetory, beginning inventory,purchase,and sales data for commodity A are a...

beginning inventory,purchase,and sales data for commodity A are as follows november 1 inventory 1500units @k20.00 2 sold 5000unit @ 40.00 12 purchase 10000 units @22

ALREEET, What time is it?

What time is it?

What is estimated useful life, Q. What is Estimated useful life? The es...

Q. What is Estimated useful life? The estimated useful life of an asset is the approximate time that a company can use the asset. Useful life is estimation not an exact measure

Write Your Message!

Name

Email id

Message

Verfication Code

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd