Canadian businesses face a change in their payroll processing schedules due to two significant observances in October 2023—National Day for Truth and Reconciliation on October 2nd, and Thanksgiving on October 9th.
These holidays are set to provide a moment of reflection and gratitude. However, as with any stat holiday, adjustments in payroll processing due to bank closures can prove a headache to business owners.
At PayEvo, we are dedicated to ensuring seamless pay runs during this period. Here’s what you need to know:
National Day for Truth and Reconciliation: October 2, 2023
This day marks a vital step towards acknowledging and understanding the history and ongoing impacts of the residential school system on Indigenous Peoples.
Recognized by Payments Canada, the holiday affects the movement of money, necessitating changes in payroll processing schedules.
Key Points:
- No ePay transactions will be processed on Monday, October 2, 2023, due to bank closures.
- If your payment date falls on October 2, the payroll processing date will shift to September 26.
- It’s advisable to process your transactions one full business day earlier than your regular schedule.
Thanksgiving: October 9, 2023
Thanksgiving serves as a time to reconnect with friends and family while expressing gratitude towards our past. Follow the key points below to ensure that payroll doesn’t get in the way of enjoying your turkey.
Key Points:
- No ePay transactions will be processed on Monday, October 9, 2023.
- Adjust your payroll processing dates accordingly, typically one full business day earlier than your regular schedule.
Navigating Statutory Holiday Pay
Calculating statutory holiday pay can be complex, varying across provinces and territories.
PaymentEvolution provides a straightforward solution – the PayEvo Stat Holiday Calculator.
This free tool is the first in Canada and simplifies the calculation process — ensuring compliance with the employment standards of your province or territory.
Your Partner in Seamless Payroll Processing
At PayEvo, we are committed to providing the resources and support you need to navigate through these statutory holidays seamlessly. Our team is here to assist you in adjusting your payroll schedules and ensuring accurate statutory holiday pay calculations.
Stay updated with our ePay Calendar to navigate through significant dates effortlessly.
For any further assistance or questions regarding your payroll processing during these statutory holidays, feel free to reach out to us. Together, let’s work to ensure a smooth transition through October’s observances, maintaining compliance and accuracy in payroll processing.
