Every eleven years organizations processing payroll using a bi-weekly pay frequency can experience 27 pay periods. With a weekly pay frequency this may occur every seven years where there can be 53 weekly pay periods. Does this mean that employees may be getting an extra pay or will the employees experience a reduction in the amount they are being paid?
A payroll Best Practice is to prepare a schedule prior to processing your first payroll of the New Year in order to forecast the number of pay dates in the upcoming calendar year. This will determine if there is an extra pay period in the year, allowing you to apply the correct Canada Pension Plan and Quebec Pension Plan exemption each pay and review earnings, deductions and benefits that are scheduled to run each pay period.
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You will learn:
- What is the extra pay period
- How to prepare for it
- HR considerations
- Affect on tax withholdings
This webinar will be facilitated by Payroll Compliance Advisors from the Compliance Services and Programs department at the Canadian Payroll Association. This informative webinar will include answers pre-submitted questions.
After registering online for an archived webinar, you will receive an email confirmation that is sent approximately 2 business days after the registration has been processed. This email contains the login information for the webinar.
Cancellations: No refunds will be issued once the email containing the login information has been provided.