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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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


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