Pensionable and insurable earnings Review (PIER) Flashcards Preview

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Flashcards in Pensionable and insurable earnings Review (PIER) Deck (7)
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1

what does PIER stand for

pensionable and insurable earnings review

2

what is the purpose of PIER

government checks the calculations you made on the T4 slips you filed with your T4 summary.
- to make sure pensionable and insurable earnings you reported agree with the deductions you withheld and remitted (CPP and EI)

3

if there is a deficiency b/w CPP and /or EI what happens?

you will receive a PIER listing with the figures

4

What does the PIER listing show?

1) names of effected employee(s)
2) figures they used in the calculations
3) PIER summary showing any balance due

5

What happens if you agree?

do not send back the PIER , just pay the balance

6

What if you do not pay on time?

you will receive a NOA with interest charges and balance due and possible a penalty

7

When do you send a PIER back to the government?

when you are correcting figures
- or correcting a SIN
-or submitting information to update a file