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

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Finance

The organizations’ Controller has received a notice from theCanada Revenue Agency (CRA) advising that the organization will bechanging from an Accelerated threshold 1 remitter to an Acceleratedthreshold 2 remitter effective with the first pay of the new year.The Controller has asked you to provide an explanation of why thischange has occurred. In addition, she wants to understand how thiswill impact the statutory remittance schedule. Using the CurrentYear calendar in the course material, provide specifics of when theremittances are due for the January and February bi-weekly payrollsstarting with the first pay date of the new year which is FridayJanuary 5th.

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The main reason for the advice by CRA is that the employees pay frequency of Accelerated threshold 2 remitter is based on biweekly not semimonthly 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 See Answer

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The organizations’ Controller has received a notice from theCanada Revenue Agency (CRA) advising that the organization will bechanging from an Accelerated threshold 1 remitter to an Acceleratedthreshold 2 remitter effective with the first pay of the new year.The Controller has asked you to provide an explanation of why thischange has occurred. In addition, she wants to understand how thiswill impact the statutory remittance schedule. Using the CurrentYear calendar in the course material, provide specifics of when theremittances are due for the January and February bi-weekly payrollsstarting with the first pay date of the new year which is FridayJanuary 5th.