Flashcards in Pensionable and insurable earnings Review (PIER) Deck (7)
what does PIER stand for
pensionable and insurable earnings review
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)
if there is a deficiency b/w CPP and /or EI what happens?
you will receive a PIER listing with the figures
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
What happens if you agree?
do not send back the PIER , just pay the balance
What if you do not pay on time?
you will receive a NOA with interest charges and balance due and possible a penalty