In a company, the payroll is the sum of all financial records of salaries for an employee, wages, bonuses and deductions. In accounting, payroll refers to the amount paid to employees for services they provided during a certain period of time. Payroll plays a major role in a company for several reasons.
From an accounting perspective, payroll is crucial because payroll and payroll taxes considerably affect the net income of most companies and are subject to federal and provincial laws and regulations in Canada. From an ethical viewpoint in business, payroll is a critical department as employees are responsive to payroll errors and irregularities: good employees require their payroll to be paid timely and accurately. The primary mission of the payroll department is to ensure that all employees are paid with the correct withholdings, deductions and then are remitted on time.
Reporting to CRA
The employer is responsible for deducting Canada Pension Plan (CPP) contributions, Employment Insurance (EI) premiums and income tax from remuneration or other types of income you pay by remitting them to the Canada Revenue Agency every month.
Paystub and Remittances
An Accountant from Global Taxation & Systems Inc. can go over all details of your business in order to determine the correct payment to each of your employees, taking care of the following requirements:
- Earnings, commissions, allowances and benefits
- Calculation deductions: CPP, EI, income tax
- Remitting payroll deductions
- Penalties, interest, 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
Do not delay to contact us to avoid problems and pay more at 416 925-2927 or firstname.lastname@example.org 24 hours.