Preparing for the new year is as easy as a few clicks - just use our Year-End Wizard.
What does the Wizard do?
- Carries forward vacation balances
- Sets reduced EI rate (for eligible employers)
- Sets TD1 values for employees
- Sets ON EHT
- Sets BC EHT
- Sets QC CNESST and HSF
- Sets tax tables for the New Year
*Note - you may not see all the pages from this article. Only pages relevant to your employees’ province of employment or your company will appear.
To start the Wizard, begin a pay run with a pay date in 2024.
A. You'll then see a prompt asking you to close out the year. Click Close Year.
*Note - after you start the Wizard, you'll see a notification on your dashboard. It will remain until you complete the wizard.
Carrying Vacation Forward
You'll see this screen if your employees have banked vacation. It notifies you that vacation balances will be moved into the new year. If you go back and pay out any vacation in the previous year you will need to manually update vacation balances in the new year. The carry forward only happens once.
B. Follow the steps to carry your vacation into the new year. Read and check the acknowledgement.
C. Click continue.
Reduced Employment Insurance Rates
This screen is for employers who have received a lower rate for the company portion of EI. It allows you to set your new reduced EI rate for the new year. You'll see this if you already have a reduced EI rate set in your account.
If you have a reduced EI rate for the first time in the new year, contact us at support@paymentevolution.com to update it for the first time.
D. Indicate whether or not you have received a reduced EI rate by selecting Yes or No.
E. Enter your rate if applicable.
F. Click Continue.
TD1 Values
This screen provides the TD1 forms and a grid to update employees if needed. Only those employees who have non-basic TD1 exemptions will be listed the grid.
If you do not update those employees before completing the wizard, they will be set to the basic rates for the new year.
G. Enter the new 2024 exemption amounts for your employee(s) with non-basic TD1 exemptions.
H. Click Continue.
Ontario Employer Health Tax
This is the Ontario EHT questionnaire. Anyone with employees with a province of employment in Ontario will see it. It asks basic questions and, based on your answers, sets your ON EHT exemption and EHT rate for the new year. You can review your settings under SETTINGS>PAY RULES>COMPANY RULES.
Note: If any employee earns more than $165,430 it is recommended they complete a new Federal TD1 form with the amounts derived from TD1-Ws.
I. Answer the applicable questions. Note: You will only see questions applicable to your company.
J. Click Continue.
CNESST and HSF
Here you'll enter your CNESST and HSF rates. Anyone with employees with a province of employment in Quebec will see this.
HSF will default to the rate on-screen if none is entered. You can review your settings under SETTINGS>PAY RULES>COMPANY RULES
K. Enter your CNESST rate if applicable.
L. Enter your HSF custom rate if applicable.
M. Click Continue.
B.C. Employer Health Tax
This is the BC EHT questionnaire. Anyone with employees with a province of employment in BC will see it. It asks a series of questions and, based on your answers, sets your BC EHT exemption and EHT rate for the new year. If you are part of an associated group of companies you can modify the exemption on screen.
You can review your settings under SETTINGS>PAY RULES>COMPANY RULES
N. Answer the applicable questions. Note: You will only see questions applicable to your company.
O. Click Continue.
Review
P. Review your inputs and click Save.