Wages and salaries have to be paid on time every time to maintain your employees’ trust and productivity. For many small to medium-sized business administering payroll can be a tedious activity with many factors to be allowed for and calculated such as holiday pay, sick leave, bonuses, overtime, taxes and regulatory compliance.
My services are ideally suited to small businesses with less than 50 employees on a weekly or monthly basis. I guarantee full confidentiality and quality of service.
My payroll services include:
- Register and maintain a Payroll Deductions account with CRA and WBC.
- Generate payslips on a weekly or monthly basis.
- Calculate and deduct Canada Pension Plan (CPP) contributions, Employment Insurance (EI) premiums and income tax.
- Remit payroll deductions with your share of CPP and EI.
- Report employee deductions on T4 or T4A slip by the end of February each year.
- Complete a Record of Employment (ROE) upon employee departure.
- Keep all records.
- Maintain compliance with all regulatory updates.
- Ad hoc advice to employer and employee.
By outsourcing your payroll and bookkeeping functions you are improving the efficiency and profitability of your business by simply removing these non-revenue generating functions from your organization.
When do you have to open a payroll program account?
You have to register for a payroll program account before the first remittance due date. Your first remittance due date is the 15th day of the month following the month in which you began withholding deductions from your employee’s pay unless the CRA tells you to remit using a different frequency.
Other Payroll Requirements
As the employer, you also are responsible for:
- Asking each employee for his/her social insurance number (SIN).
- Having each employee complete a TD1 Form: Personal Tax Credits Return.
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