Running a business is more than having a product or service to sell. You have employees, inventory, record keeping, and all the data that these items include. Your employees need to be paid, you have to account for the sale of your products or services, and you have to pay taxes in more than one jurisdiction. Having good records helps your business develop on a sound footing. As your business grows so does the complexity of the various payroll requirements keeping you in compliance with the legislation and keeping your employees happy — payroll mistakes can have a personal affect on morale and loyalty!
Payroll administration involves:
- Paying your employees and supplying email or printed pay stubs
- Complying with WSIB (Workplace Safety and Insurance Board)
- Paying the EHT (Employer Health Tax)
- Supplying a ROW (Record of Employment) when required
- Supplying Tax forms such as T-4s to each employee on time
Our experienced staff at Sheppard Accounting can collect the information, prepare the required payroll remittances and set up the mechanisms and accounts to make this easy and efficient for your business. Our online systems can save you time and money, leaving you worry-free to operate your business.
HST, Payroll, WSIB Tips
One way to reduce operating #costs is to go to bi-weekly payroll. It reduces the related bank fees by half, reduces your processing time by half and reduces inquiries by half. The new year is a great time to do the switch. We can help with that http://ow.ly/nH6h50xSYFP
WSIB is now receiving the Gross Wages amount off of the T4 Summary that you send to CRA. They are billing people in arrears if they haven’t already set up an account and there will be penalties added for failing to register. There will be no excuse for not registering that will get you out of this. It’s required unless you are in the very small group of exempt categories.