How to process Tax Form runs

How to process Tax Form runs

Prior to processing year end tax forms, you must complete the following steps:

1. Close the previous year. For details on how to close the previous year, check out our article on How to close the year.

2. Find your T4 remittance balance from the CRA. Check out our article on How to get your T4 remittance balance from the CRA for more information.

Creating your T4 or T4A Run

1. Select Payroll on the top menu, navigate to Year End and click Tax Form Runs.

2. Here, you’ll see one entry per RP number for each year. Navigate to the tax form run, and click Edit.

4. Click OK to confirm your action.

5. If you want to file your tax forms through Rise, click Yes. Rise will send your tax forms to Canada Revenue Agency (CRA) on your behalf.

6. On the right hand side, you’ll see Tax Year, Tax Form, Organization and Run Status.

7. Next, enter the remittance balance amount and click Save. To learn how to get your CRA remittance balance, click View to read our knowledge base article.

8. To review the Summary Of Remuneration Paid, click View Tax Summary.

9. Temporary Wage Subsidy - If yes, reconcile Box 86 Balance Due to Covid-19 10% Temporary Wage and CRA PD27 form.
The Summary Of Remuneration Paid will open in a new tab. Here, you’ll see a difference at the bottom of the page. If there is balance due in Box 86, and you participated in the 10% Temporary Wage Subsidy please add your PD-27 amount for 10% Subsidy received to Box 82. If you didn’t receive the Covid-19 10% Temporary Wage Subsidy, you must directly pay the amount owing balance due in Box 86 to CRA.

If there is an overpayment in Box 84 the CRA will send you a Notice of Assessment (NOA) once your T4s are filed. The NOA will contain information on how to receive your refund from CRA.

10. Next, navigate to the previous screen, and click View All Tax Slips. The tax slips will open in a new window.

Please review New 2020 CRA T4 Reporting Requirements for important 2020 CRA T4 Code 57 - 60 tax form update information.

11. If you want to make any change in the T4 slips, click Download CSV Tax Form Data.  For more information on how to edit tax forms, refer our How to edit Tax Forms article.

12. To check for possible errors or warnings in your T4 run, click Check Tax Form Data.

13. The Tax Form Delivery Format is set as Email. Your employees will receive their tax forms in their tax form delivery email.

You’ll also see a warning message for employees without a document delivery email. Click Show to run the Employee Document Delivery report.  The report will generate a list of employees without the document delivery email option setup. 

14. Click View to review the errors. Errors must be resolved before you can approve the Year-End tax forms. Although warnings don’t require action, Rise strongly suggests to review and resolve them, as they may result in CRA/RQ processing delays.

The Approve button is enabled after the errors are resolved.

15. If you want to modify the information, navigate to Return to Year End Tax Form Run and click Unapprove.

16. Once you approve the tax form, you’ll be redirected to the Review page. Review your tax form information and select the checkbox to confirm its accuracy.

Once you have confirmed the information, click Finalize Tax Form Run.

17. Lastly, you’ll see a message congratulating you on successful completion of your tax form. You’ll also see the details of the next steps which will be taken care of by Rise.

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