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End-of-Year Human Resources Checklist

Many farm businesses, with a December 31 year-end, are turning their attention to recording inventories and tax planning. 

This is also a good time to take care of those year-end tasks related to human resources in a farm business. Follow these suggestions to close out 2014 and get ready for 2015:
·         If the farm business plans to pay reasonable salaries to family members, do so before year-end. Withholdings for income tax, CPP, EI and any applicable provincial payroll taxes must be remitted as required. The salary and amounts withheld for 2014 must be reported on T4 slips, which are due on or before March 2, 2015.
·         There are many types of benefits and allowances that may have to be included in an employee's income. Whether or not they are taxable depends on the type of benefit or allowance and the reason the employee receives it. Canada Revenue Agency (CRA) has a guide for determining taxable benefits and allowances.
·         Update your employee address and contact information to ensure their correct mailing addresses for T4 slips to meet the March 2, 2015 deadline.
·         Prepare for the first payroll of the new year. Are there any employee wage increases or other compensation changes effective January 1? Here are payroll deductions formulas from CRA, effective January 1, 2015. Ensure farm business employment records are up-to-date by using this list.
·         Farm businesses using third parties to handle their payroll functions are still responsible for maintaining records, usually for six years. Payroll records may be kept in either paper or electronic format. Electronic copies of records should be maintained onsite at the farm business office. Visit the CRA website for more information.
For more information about labour standards, record keeping and human resource management, contact:

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