As an employer, it is your responsibility to withhold a portion of your employee’s income, which is then remitted to the CRA for tax purposes. These deductions on the employees’ incomes are known as payroll or source deductions. The following taxes are deducted and remitted by the employer:
- CPP contributions
- EI premium
- income taxes
Are you a business owner who is looking for assistance with their payroll/source deductions? If the answer is yes, then you have come to the right place! Make sure to read the entire article to learn more about payroll deductions. Don’t forget to click here and book a FREE consultation with our experts to discuss this further.
Missing your Remittances Due Dates?
Remittances are deemed to have been made on the day when they are received by the Receiver General. Hence, it is important to choose the appropriate remittance method to meet your due date. As a business owner who is new to dealing with payroll, this process can appear to be extremely tedious, and overwhelming.
Here at CPA4IT, we make use of QuickBooks Online, Xero, Wave Payroll and other cloud accounting tools which enables our clients to spend more time adding value and less time on paperwork. Our clients get to enjoy the benefit of our Elite Status and avail amazing discounts on these Cloud Accounting services.
Make sure to click here and avail 75% discount on Xero for the first three months!
Useful Tools to assist you with Payroll Deductions
There are several tools and software which can help make payroll deductions easier for you.
- QuickBooks Online
Our partnership with QuickBooks Online makes the payroll deduction process extremely easy and simple for our clients. With the help of QBO, we assist business owners in making all the calculations related to source deductions directly from their income. But wait, there’s more! As an Elite QuickBooks Pro-Advisor, CPA4IT gets access the absolute lowest wholesale prices on QBO and we pass those savings on to you!
- Wave Payroll
CPA4IT is a listed Wave Pro-Advisor. Our clients can simply link their CPA4IT account with their Wave Payroll account, and transfer all their financial data with just one click!
With the help of this platform, we offer a list of services, including:
- Unlimited invoicing
- Double-entry bookkeeping account features (balance sheets, general ledger, income statements, journal entries, and more);
- Syncing with bank accounts and credit cards easily; and
- Frequent upgrades and improvements.
We utilize their advanced bookkeeping and syncing features to make payroll deductions extremely easy for our clients.
Need Further Assistance?
Payroll deductions can prove to be quite complex, especially if you aren’t used to them. However, we are committed to ensure that our clients never have to worry about making these deductions on their own. Our decade’s worth of experience allows us to make the Payroll Deduction process smooth and accurate for our clients. This can enable you to focus on where it matters to generate wealth, and transform that wealth into a legacy!
For further assistance, feel free to book a FREE consultation with one of our experts by clicking here.
