Initial Setup and Registration:
We assist businesses in registering for a payroll account with the Canada Revenue Agency (CRA). This involves completing the necessary forms, obtaining the required identification numbers, and setting up the account with the CRA.
Customized Payroll Solutions:
We offer tailored payroll solutions to meet the specific needs of each client. Whether it's managing payroll for a small business or a large corporation, our services are designed to accommodate various payroll structures and employee arrangements.
Employee Onboarding Assistance:
We help businesses collect and organize employee information required for payroll processing. This includes personal details, banking information for direct deposit, and tax forms such as Form TD1.
Payroll Processing Services:
Our team handles all aspects of payroll processing, including calculating employee wages, deductions, and benefits. We ensure accurate calculations and timely payments to employees while complying with tax regulations and statutory requirements.
Deduction Management:
We manage deductions such as federal and provincial income tax, Canada Pension Plan (CPP) contributions, and Employment Insurance (EI) premiums on behalf of businesses. We ensure that deductions are accurately calculated and remitted to the appropriate government agencies.
Direct Deposit and Paycheck Distribution:
We offer convenient payment options for employees, including direct deposit and traditional paper checks. Our secure payment methods ensure timely and reliable delivery of net pay to employees.
Record-Keeping and Compliance Reporting:
We maintain detailed records of payroll transactions and provide comprehensive reporting to businesses and government agencies as required. This includes preparing and filing T4 slips for employees and T4 Summary forms summarizing annual payroll information.
Tax Compliance Support:
Our team stays updated on changes in tax laws and regulations to ensure businesses remain compliant. We provide ongoing support and consultation to address any tax- related inquiries or concerns.
Customer Support and Training:
We offer dedicated customer support to businesses and their employees, assisting with payroll-related inquiries and providing training on payroll processes and software if needed.
Issue ROEs for Employees:
Before closing the payroll account, we issue ROEs for all employees who have stopped working for our business. The ROE provides information about employment history, such as earnings and insurable hours, and is necessary for employees to apply for Employment Insurance (EI) benefits.
Employee's Social Insurance Number (SIN):
You'll need to ask your employee for their SIN. It's a unique number assigned to them for things like taxes and benefits.
Province of Employment:
Find out where your employee works. This helps determine which province's tax rules apply to them.
Completed TD1 Forms:
Before paying your employee, make sure they've filled out their TD1 forms. These forms help calculate how much tax to take off their pay.
Increasing:
If your employee wants less tax taken off their pay upfront, they can claim more tax credits on their TD1 form. This means they keep more money in each paycheck.
Reducing:
If they want more tax taken off, they can claim fewer tax credits on their TD1 form. This might be necessary if they have other income sources or deductions and want to avoid owing money at tax time.
CPP Contributions (Canada Pension Plan):
EI Premiums (Employment Insurance):
Calculating Deductions:
To calculate deductions, you typically need to know your gross income (your total earnings before any deductions), then apply the appropriate rates or amounts for CPP, EI, and income tax.
Collecting Deductions:
Keeping Records:
Employers must keep accurate records of the deductions made from each employee's pay, including the amounts withheld for CPP, EI, and income tax.
Remitting Deductions:
Payment Deadlines:
Remitting Contributions:
Using Online Services:
Compliance and Reporting:
T4 Slips and Summary:
Used to report employment income, deductions, and contributions for employees.
T4A Slips and Summary:
Used to report various types of income, such as pensions, retiring allowances, and other income.
T5 Slips and Summary:
Used to report investment income, such as dividends and interest payments.
T5018 Statement of Contract Payments:
Used to report payments made to subcontractors in the construction industry.
Employers must gather and organize payroll information for each employee or contractor, including details such as employment income, deductions (CPP, EI, income tax), and contributions (CPP, EI).
This information is typically collected throughout the year as part of the payroll process.
Employers must complete the appropriate slips (e.g., T4, T4A, T5) for each employee or contractor, ensuring that all relevant information is accurately reported.
Employers also need to complete a summary for each type of slip, which summarizes the total amounts reported on the individual slips.
Filing with the CRA:
Providing Copies to Employees/Contractors:
Penalties for Late or Inaccurate Filing:
