Payroll Management Services
HOW TO DO PAYROLL IN CANADA, EVERY PAYROLL MANAGEMENT PROCESS YOU NEED TO KNOW! CALL FOR THE PAYROLL SERVICES BY VANTAX ACCOUNTING.
As per the Canadian tax system, most taxes are deducted at sources, such as GST/HST taxes, and payroll taxes. It‘s the employer’s responsibility to deduct the employee’s income tax and remit to CRA. It is important to make a correct payroll deduction of taxes and related benefit amounts from employee monthly payroll. Therefore, you need to hire an expert accounting firm such as VanTax Accounting to avoid any non-compliance penalties imposed by the regulatory authorities. The adjustments of the following deductions including:
• Canadian Pension Plan (CPP) contribution
• Pension Adjustment (PA), TFSA, and RRSP
• Employment insurance (EI)
• Federal and provincial tax credit deduction
• Workers’ compensation filling
HOW TO RUN A PAYROLL IN CANADA? WHERE TO START FROM THE PAYROLL PROCESS?
VanTax Accounting is providing a complete guide for Canadian small businesses, what are the payrolls deductions an employer need to deduct from an employee’s monthly salary payment, and how to register (opening a new payroll account) for a payroll account with CRA. How to remit payroll deductions, EI and taxes, employee health benefits, workplace safety insurance. What is a better way, to hire an expert – outsource payroll Process Company or run an in-house payroll management service. Everything you need to know that you deserve for, The VanTax accounting, you will get comprehensive guidance steps.
1. You only need to register for a payroll account if you are an employer and pay salaries or wages, offer tips or gratuities, or paying vacation, bonuses, or allowances, provide certain taxable benefits (automobile or allowance) to your employees.
2. AS a self-employed, you need to establish a written contract (work with a contract of services). You can avoid EI deduction if hiring a family member. You can contact CRA for a confirmation, if you are self-employed or an employee or deciding either the employment is insurable or pensionable.
3. You must have a nine-digit business number (BN) before starting a payroll account registration process. You need to register your business and contact your province and get a BN.
4. As a business owner, you can authorize a representative of yourself that might be an employee, an accountant, VanTax Accounting firm a payroll provider, or a lawyer. In case you don’t want to run your company’s employee payroll process, a representative can act on your behalf.
5. You have to get registration of a payroll program account immediately within 15 days of the month after the month you started withholding deduction from your employee salaries.
6. You must register for a payroll program account to get a 15-digit payroll account number from the Canada Revenue Agency (CRA).
7. You must have your employees’ salary detail, date of payment, of all the employees, home address, SIN, and the detail of your foreign office and the franchisor (if it is applicable to you).
8. Remit all the deductions to CRA to avoid hefty penalties. Don’t forget to add the employer’s share of Employment Insurance (EI) premiums and the Canada Pension Plan (CPP) contributions.
9. It’s the employer’s responsibility before the last day of February on every calendar year, to record each employee’s income and deductions on the T4 or T4A slips and filing an information return.
Working with VanTax Accounting a payroll service provider can assist you to escape mistakes, support your compliance with federal and provincial laws. We make sure that the staff of your company will get paid on time, and you have saved a ton of overhead by adopting paperless.
