In February the House of Commons Standing Committee on Finance (FINA) released a report for the Minister of Finance with budgetary considerations. The Canadian Payroll Association announced that this report makes two recommendations that could impact payroll, and are working with key government officials to ensure any changes do not create an additional administrative burden…
What are the chances that my company will be audited by the Canada Revenue Agency (CRA)? At least 1 in 100 businesses get investigated every year. Many are left in a panic when the inquiry letter arrives. How long should I keep company payroll records? Labour Standards requires that employers keep all records for 4…
Nobody expects to be audited, but with at least 1 in 100 businesses being investigated every year, many are left in a panic when they receive the inquiry letter. Keeping accurate records of the following will help you pass any payroll audit: Employee Name Employee Address Employee Birth Date Employee Start Date, and dates of…
Along with knowing the holiday calendar and processing dates for the upcoming year, here are some important payroll specific dates to remember: The Payroll Deductions Online Calendar (PDOC) is updated January 1 and July 1 Individuals and sole proprietors must file their income tax returns by April 30 If self-employed, the Canada Revenue Agency (CRA)…
According to Statistics Canada, more than 6 million Canadians worked from home throughout the year due to COVID-19 who would not normally do so. As a result, the Canada Revenue Agency (CRA) has simplified the work from home tax claim process for the 2020 Tax Year, with the goal of making things easier for both…
Are you looking for top talent but worried you can’t pay top salary? There are other ways to attract and retain employees beyond offering the highest salary. More and more employees are looking for things like work-life balance, benefit plans, and other “perks” of the job. This is what is referred to as “total compensation”,…
