For high-net-worth families at the helm of family-owned enterprises, retirement planning is a multifaceted challenge…
Administering payroll within an organization must be done diligently, requiring accuracy and timely processing. Both your employees and the government will need to be paid on time and for the right amount. While a business has many components that require the business owner’s attention, payroll is considered in law an area of trust and necessitates due care. Utilizing a professional to administer your payroll will allow you to concentrate on other matters of your enterprise while the payroll is competently taken care of.
An often forgotten about document is a signed employment agreement. A payroll professional should ask for this agreement to verify amounts paid to your employees are what has been agreed to. This will include remuneration according to the terms as well as any benefits that may or may not be taxable benefits are accounted for.
Timely and efficient payments
Using an online software such as QBO or Ceridian will allow an employer to keep track of payments made to each employee throughout the year and facilitate annual reporting requirements. In addition, an efficient software will allow direct deposit to your employee’s bank account as well as direct payment to the CRA. These efficiencies save time and build repute for your organization.
Annual Tax Slips
Each year, at the end of February, employers are required to provide a summary to the CRA and a reporting to each individual employee of the remuneration paid for employment services. This is included on a T4 Summary and individual T4 slips. The amount of remuneration, taxable benefits, deductions made and other compensation should be reported both individually and in summary format. A professional payroll administrator should simplify this filing requirement.
Shajani LLP has a team of professional payroll administrators that can help you with these obligations.
This information is for discussion purposes only and should not be considered professional advice. There is no guarantee or warrant of information on this site and it should be noted that rules and laws change regularly. You should consult a professional before considering implementing or taking any action based on information on this site. Call our team for a consultation before taking any action. © 2021 Shajani LLP.
Shajani LLP is a CPA Calgary, Edmonton and Red Deer firm and provides Accountant, Bookkeeping, Tax Advice and Tax Planning services.