Question

In: Finance

The organizations’ Controller has received a notice from the Canada Revenue Agency (CRA) advising that the...

The organizations’ Controller has received a notice from the Canada Revenue Agency (CRA) advising that the organization will be changing from an Accelerated threshold 1 remitter to an Accelerated threshold 2 remitter effective with the first pay of the new year. The Controller has asked you to provide an explanation of why this change has occurred. In addition, she wants to understand how this will impact the statutory remittance schedule. Using the Current Year calendar in the course material, provide specifics of when the remittances are due for the January and February bi-weekly payrolls starting with the first pay date of the new year which is Friday January 5th.

Solutions

Expert Solution

The main reason for the advice by CRA is that the employee’s pay frequency of Accelerated threshold 2 remitter is based on bi-weekly not semi-monthly. The remittances are due three business days after the end of each weekly period as follow:

1st to 7th of the month
8th to 14th of the month
15th to 21st of the month
22nd to the end of the month

The statutory deductions withheld with the cheque/deposit dated January 5th with the employer’s portions of CPP contributions and EI premiums are due to CRA by Jan 11th, three business days after the end of the weekly period, Jan 8th (If Jan 9th,10thand 11th are not Saturday, Sunday or a statutory/bank holiday).

The statutory deductions withheld form the cheque/deposit dated Jan 19th with the employer’s portion of CPP contributions and EI premiums are due to the CRA by Jan 25th, three business days after the end of the weekly period, Jan 22nd (If Jan 23, 24 and 25 are not Saturday Sunday or a statutory holiday).

The statutory deductions withheld form the cheque/deposit dated Feb 2nd with the employer’s portion of CPP contributions and EI premiums are due to the CRA by Feb 8th , three business days after the end of the weekly period, Feb 5 ( If Feb 6, 7 and 8 are not Saturday Sunday or a statutory holiday).

The statutory deductions withheld form the cheque/deposit dated Jan 16th from the employer’s portion of CPP contributions and EI premiums are due to the CRA by Feb 22nd,three business days after the end of the weekly period, Feb 19 (If Feb 20,21 and 22 are not Saturday Sunday or a statutory holiday).


Related Solutions

The organizations’ Controller has received a notice from the Canada Revenue Agency (CRA) advising that the...
The organizations’ Controller has received a notice from the Canada Revenue Agency (CRA) advising that the organization will be changing from an Accelerated threshold 1 remitter to an Accelerated threshold 2 remitter effective with the first pay of the new year. The Controller has asked you to provide an explanation of why this change has occurred. In addition, she wants to understand how this will impact the statutory remittance schedule. Using the Current Year calendar in the course material, provide...
The organizations’ Controller has received a notice from the Canada Revenue Agency (CRA) advising that the...
The organizations’ Controller has received a notice from the Canada Revenue Agency (CRA) advising that the organization will be changing from an Accelerated threshold 1 remitter to an Accelerated threshold 2 remitter effective with the first pay of the new year. The Controller has asked you to provide an explanation of why this change has occurred. In addition, she wants to understand how this will impact the statutory remittance schedule. Using the Current Year calendar in the course material, provide...
The organizations’ Controller has received a notice from the Canada Revenue Agency (CRA) advising that the...
The organizations’ Controller has received a notice from the Canada Revenue Agency (CRA) advising that the organization will be changing from an Accelerated threshold 1 remitter to an Accelerated threshold 2 remitter effective with the first pay of the new year. The Controller has asked you to provide an explanation of why this change has occurred. In addition, she wants to understand how this will impact the statutory remittance schedule. Using the Current Year calendar in the course material, provide...
The organizations’ Controller has received a notice from the Canada Revenue Agency (CRA) advising that the...
The organizations’ Controller has received a notice from the Canada Revenue Agency (CRA) advising that the organization will be changing from an Accelerated threshold 1 remitter to an Accelerated threshold 2 remitter effective with the first pay of the new year. The Controller has asked you to provide an explanation of why this change has occurred. In addition, she wants to understand how this will impact the statutory remittance schedule. Using the Current Year calendar in the course material, provide...
The organizations’ Controller has received a notice from the Canada Revenue Agency (CRA) advising that the...
The organizations’ Controller has received a notice from the Canada Revenue Agency (CRA) advising that the organization will be changing from an Accelerated threshold 1 remitter to an Accelerated threshold 2 remitter effective with the first pay of the new year. The Controller has asked you to provide an explanation of why this change has occurred. In addition, she wants to understand how this will impact the statutory remittance schedule. Using the Current Year calendar in the course material, provide...
Payroll. Canada. The organizations’ Controller has received a notice from the Canada Revenue Agency (CRA) advising...
Payroll. Canada. The organizations’ Controller has received a notice from the Canada Revenue Agency (CRA) advising that the organization will be changing from an Accelerated threshold 1 remitter to an Accelerated threshold 2 remitter effective with the first pay of the new year. The Controller has asked you to provide an explanation of why this change has occurred. In addition, she wants to understand how this will impact the statutory remittance schedule. Using the Current Year calendar in the course...
What is the purpose of reconciling the Canada Revenue Agency account?
What is the purpose of reconciling the Canada Revenue Agency account?
what is the purpose of doing a reconciliation of the Canada Revenue Agency remittances?
what is the purpose of doing a reconciliation of the Canada Revenue Agency remittances?
Question 1 (20 marks) Neelo Mbiganyi received a notice of assessment from Botswana Unified Revenue Service...
Question 1 Neelo Mbiganyi received a notice of assessment from Botswana Unified Revenue Service (BURS) and the Commissioner General had disallowed some of the expenditures that she had claimed. Discuss the appeals and objection processes that Neelo can follow explaining in detail the rights and obligations that both Neelo and the Commissioner General have in these processes. In your answer, also explain what the Commissioner General should do suppose Neelo wins the case.
In May of the current year, your employer received a PIER report from the CRA that...
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, Melissa Chan, has asked you to prepare a summary of the CPP reporting requirements on T4 information slips. The summary...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT