In: Accounting
Solution
Revenue Quebec is the government department of the Provinces of Quebec, Canada which regulates the following activities:-
The department collects around 80% of government revenues.
Following are the remittances made to Revenue Quebec, deducted from the salaries of the employees.
The remittance such as CPP, EI and IT are need to be tracked and reconciled as they pertains to the individual tax payer for which the Revenue Quebec need repay the employees when they leave their respective organizations. All these monthly payments deducted from the employee's salary need to be remitted to the Revenue Quebec on monthly basis or as per payment schedule. Generally it is expected that the employer and the department need to reconcile their balances every month for CPP , EI and IT. The consumption tax is a indirect taxes does not need a reconciliation beyond certain time periods.