The services provided by the employees for a certain duration are included in the payroll. The financial records of deductions, bonuses, wages and salaries for an employee are shown in the payroll. For numerous reasons, Payroll assumes a key role in an organization.
In Canada, payroll and payroll taxes are subjected to provincial and federal laws and regulations and they additionally affect the net income of companies, therefore, from an accounting viewpoint, payroll is crucial for a company. Employees are responsive to payroll irregularities and errors, and when we consider things from an ethical perspective. In order to provide correct and on time wages to the employees, payroll is very important. The aim of the payroll department is to provide the employees with accurate deductions, withholdings and then remit it on time.
Reporting to CRA
The employer is accountable for deducting any type of income, income tax from remuneration, Employment Insurance (EI) premiums or Canada Pension Plan (CPP) contributions you pay by remitting them to the Canada Revenue Agency on a monthly basis.
Pay Stub and Remittances
In order to decide the exact payment to all your employees, our team of experts will go over your business to determine the exact requirements for payroll and provide advice on how to manage it; taking care of the following:
Benefits, allowances, commissions, and Earnings.
Calculation deductions: Income tax, EI, CPP
Remitting payroll deductions
Interest, penalties, and other consequences
Workers employment status
Completing and filing T4, T4A, T5018 and summary year ended
Record of Employment ROE
CRA general form as required