Pensionable and insurable earnings Review (PIER)

Question 1

what does PIER stand for

Answer 1

pensionable and insurable earnings review

Question 2

what is the purpose of PIER

Answer 2

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)

Question 3

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

Answer 3

you will receive a PIER listing with the figures

Question 4

What does the PIER listing show?

Answer 4

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

Question 5

What happens if you agree?

Answer 5

do not send back the PIER , just pay the balance

Question 6

What if you do not pay on time?

Answer 6

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

Question 7

When do you send a PIER back to the government?

Answer 7

when you are correcting figures

• or correcting a SIN
• or submitting information to update a file