As a business owner in Canada, you are an employer and need a Canada Revenue Agency (CRA) payroll program account if you pay employees or yourself. You need that CRA payroll program account to deduct and submit your payroll remittances to the Canada Revenue Agency. Fortunately, setting up that payroll program account is a simple…
Category: Taxes
Taking Care Of Your Freelancers: Taxes & Compliance
If you currently work with freelancers or plan to in the future, you might find yourself having questions about paying freelancers, since taxes for freelancers look slightly different than for your in-house employees. Here are some things that you should know about when working with freelancers to help ensure that they are adhering to Canadian…
7 Payroll Mistakes Small Business Owners Make That Hurt Efficiency
Small business owners know that positioning their business to operate in the smartest, most efficient way possible is paramount in creating sustained, long-term success — and at the heart of it, one of the biggest keys to success is efficiency. With that said, a common oversight that hurts a business’s and business owner’s efficiency is…
Payroll Taxes In Québec: What You Need to Know
Taxes are an inevitable part of being an adult. Whether you’re an employee working for a business or an employer yourself, you have to pay taxes. Of course, location will always affect the taxes you pay and the regulations you have to adhere to. For those who live in Québec, there are five main types…
Hiring Your First Employee – Employers In Quebec
As a business in Canada, hiring your first employee involves the Canada Revenue Agency (CRA). If your business is based in Quebec, you’ll need to get familiar with Revenue Quebec. Especially if you’re planning on hiring your first employee. So let’s break it down. Register Your Business With Revenu Quebec If you haven’t already, you’ll…
Hiring Your First Employee – Annual T4 / RL-1 Reports
You’ve hired your first employee, set them up on a progression plan, and they’re thriving in your small business. Great work! Next, you’ll be responsible for reporting your employee’s income to the government. Enter the T4 (and possibly the RL-1) slip. T4 slips and tax season in general often brings about a collective sigh –…
Payroll Deduction Remittances in Canada: Everything You Need to Know
Let’s face it – we all know our net income is a whole lot less after the Canada Revenue Agency takes its piece of the pie. As an employee, you want a breakdown of Revenue Canada payroll deductions and as a business owner, HR payroll specialist, bookkeeper, or accountant, you need to explain those deductions…
How to Sell Payroll-As-a-Service and Create an Additional Revenue Stream for Your Bookkeeping / Accounting Practice
If you’re a business owner who is already providing financial services to your clients or maybe you’re considering offering financial services such as accounting or bookkeeping then payroll might be a perfect add-on service that can help you to create an additional revenue stream for your business. Here’s what you can expect to take away…
Deducting Home Office Expenses During COVID
Across the country, Canadians continue to cope with COVID-19’s second wave and as a result, many employees are still working from home while others are back at home after a brief stint in the office. As well, a number of companies have already let employees know they’ll be home-based well into 2021 with some suggesting…
5 Payroll Tax Tips for Small Businesses from Famous TV Shows
Like Tony on The Sopranos, the CRA, too, Wants its Money As a small business owner, watching TV can sometimes feel like a waste of productive time. That’s especially so if you’ve ever been forced to watch an episode of Love Island or The Bachelor. But amidst the visual cesspool that makes up much of…
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