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Quiz: The payroll year end

6 questions

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1 Work was performed in December and paid in January. Which payroll year does the remuneration belong to? Whichever the employer applies consistently The year in which it is paid The year the work was performed Split between the two years

Answer key unconfirmed — rests on 2 unverified claims.

2 A biweekly payroll has an extra pay period this year. Why does that matter? It requires a separate payroll program account It does not; annual totals are unaffected It affects periodic calculations and the annual maximums It shifts the information return deadline

Answer key unconfirmed — rests on 1 unverified claim.

3 An employer discovers it over-remitted for the year. How does it recover the excess? By claiming it on the T4 Summary Through the route CRA publishes, not by reducing a subsequent remittance By reducing a subsequent remittance by the excess It cannot be recovered and is applied to the following year

Answer key unconfirmed — rests on 1 unverified claim.

4 Taxable benefits were provided during the year but no withholding was made on them at the time. What is the year-end position? They are reported in the following year, when the withholding is made They must be included in the employee's employment income for the year regardless They are reported on a T4A rather than the T4 They are excluded from employment income, since no withholding occurred

Answer key unconfirmed — rests on 1 unverified claim.

5 An employer's payroll records show more withheld than CRA's records show remitted. What is the consequence? The difference is written off at year end An automatic penalty with no balance A balance owing on the employer's payroll account Nothing until CRA raises it

Answer key unconfirmed — rests on 2 unverified claims.

6 An employer files its information return late but has already corrected and paid all the underlying amounts. Does the penalty still apply? No — correcting the amounts removes the penalty Only where amounts remain outstanding Only where the return is more than a year late Yes — filing late attracts a penalty regardless of whether the underlying amounts have been corrected

Answer key unconfirmed — rests on 1 unverified claim.

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