5 IMPORTANT ITEMS ABOUT PAYROLL ACCOUNT FOR YOUR BUSINESS

1. BE AN EMPLOYER: Canada Revenue Agency (CRA) generally consider you to be an employer if you pay salaries, wages, bonuses, tips or provide taxable benefit such as allowances to your employees.

2. REGISTER FOR PAYROLL ACCOUNT: If you pay salaries or wages; tips or gratuities; bonuses or vacation pay or provide benefits or allowances to employees, you MUST register for Payroll program account for your business.

In order to register payroll program you need to have a business number. If you already have a business number, you only need to add a payroll program account to your existing business number. If you do NOT have a business number, you MUST get one and then register for payroll account.

3. RESPONSIBILITIES: As an employer, you are  responsible in the following items:

• Open and maintain a payroll account

• Get your employee’s SIN number

• Get a completed federal Form TD1

• Deduct CPP, EI and Income tax

• Remit these deductions along with your shares

• Prepare and file T4 and T4A slip

• Prepare Record of Employment (ROE) when an employee stops working and

• Keep records at least six years

4. CHANGES TO YOUR BUSINESS: If your business operation stops, you need to DO followings:

• Send final remittances to CRA

• Calculate any pension adjustment

• Give employees their copies of T4 and T4A slips

• Issue ROE

• Deregister business number

• Close all program accounts

5. DUE DATES: The CRA sends a remittance form once you register your account. However, the new employers are considered regular remitter which means you need to send your payments monthly unless CRA tells you to remit by using a different frequency.

Contact us: If you have any questions or inquiries regarding Payroll Account, you can contact us at 647-861-2099 or send email to info@globalabcservices.com