The holiday season – a time for joy, celebration, and, yes, a bit of extra planning! But worry not; we've got your back. Let's dive into a quick guide on ensuring a seamless payroll process for both you and your fantastic team.
Most banks are closed for the holidays and you may need to process your payroll three (3) to five (5) working days before the desired pay date to pay employees using direct deposit. This is to ensure that all your employees and contractors are paid on time.
The table below shows the payroll schedule from a popular payroll processing software, Wagepoint. You can use it as a guide for your payroll processing dates.
If your pay date falls on: | Standard 3-day processing schedule Approve your payroll by: | 5-day processing schedule. Approve your payroll by: |
Monday, December 25, 2023 Christmas Day | Wednesday, December 20, 2023 | Monday, December 18, 2023 |
Tuesday, December 26, 2023 Boxing Day | Wednesday, December 20, 2023 | Monday, December 18, 2023 |
Wednesday, December 27, 2023 | Wednesday, December 20, 2023 | Monday, December 18, 2023 |
Thursday, December 28, 2023 | Thursday, December 21, 2023 | Thursday, December 21, 2023 |
Friday, December 29, 2023 | Friday, December 22, 2023 (Last date to process a direct deposit payroll for a pay date in 2023.) | Wednesday, December 20, 2023 (Last date to process a direct deposit payroll for a pay date in 2023.) |
Monday, January 1, 2024 New Year’s Day | Wednesday, December 27, 2023 | Thursday, December 21, 2023 |
Tuesday, January 2, 2024 | Wednesday, December 27, 2023 | Thursday, December 21, 2023 |
Wednesday, January 3, 2024 | Thursday, December 28, 2023 | Friday, December 22, 2023 |
Thursday, January 4, 2024 | Friday, December 29, 2023 | Wednesday, December 27, 2023 |
There you have it – your friendly guide to navigating payroll during the 2023-2024 holidays.
After the holidays, you can follow your regular processing timelines for payroll. Here's to a festive season filled with joy and gratitude! 🎄🌟
Holiday Closure
Please be advised that our office will be closed for the holidays from December 20th, 2023 to January 2nd, 2024.
Clearly Financials offers cloud-based accounting and corporate tax services to small businesses in Edmonton, AB. We provide a full suite of services including: bookkeeping, payroll, GST filing, compiled financial statements, and corporate tax returns all designed to help your business succeed.
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Disclaimer
The information provided in this blog post is a simplified overview of complex matters and may not cover all the nuances of your particular accounting or tax situation. The content is intended for general educational purposes only and should not be taken as legal or financial advice. We strongly recommend consulting with a qualified professional before making any financial decisions based on the information provided. Please note that tax laws and regulations can change frequently, and we cannot guarantee the accuracy or completeness of the information provided in this post.