This time of year, your office is a hub of activity. Your holiday festivities needs to be planned, staff vacation schedules need to be carefully balanced and any closure dates need to be sent out to your clients.
For a company’s financials, this means having all ducks in a row and ensure that any outstanding payments must be completed. Fortunately, Telpay is here to help you, and we’re starting that off now with some tips to help you wrap up 2016 and stay on track for the upcoming new year.
Plan for 2017
It’s just a couple of weeks – the new year! What is your company’s electronic payment strategy going to look like? If you’re unsure, we’ve compiled “The Ultimate Electronic Payment Checklist” to help you maximize and leverage all the features and benefits of Telpay’s services.
CRA
End of year naturally means that you’re going to be having conversations early in 2017 about company taxes. It’s important to go into the new year knowing what lies ahead. What may await you in 2017 is a change in the frequency for remitting source deductions, depending on your payroll’s overall dollar value. As such, we recommend you visit the CRA Remittance Threshold website here then learn about remittance due dates here.
Confirm Suppliers
2016 was a busy year for your business and there’s a good chance you’ve brought on new suppliers as your business grew. Now’s the time to get them setup for electronic payments for their products and services. Be sure to download our “Notify Your Supplier” form to bring them into your electronic payment plan.
Donations
The success of Giving Tuesday this past November brings with it a reminder of charitable activities you may embark on into the holidays. The end of the year also means that all donations must be completed to ensure receipts are applicable to the 2016 taxation year. Using your Telpay for Business software you can easily make a donation to ANY charity across Canada. We even have a few charities with banking information already collected for you so your donation will conveniently be donated electronically.
As we are throughout the year, your Telpay support staff are here to help you through the holiday season. We’re happy to answer your questions by phone at 1-800-665-0302 and by email at customercare@telpay.ca. We also have a fantastic FAQ on our website which will help you while our office is closed on Monday, December 26 and Tuesday, December 27.
Thank you for being part of Telpay’s family in 2016 and we look forward to working with you once again in 2017.