Why Your Business Needs a Payroll Service

If you’re a small business owner in Canada, you need to figure out how to pay your employees and meet your payroll  requirements. It’s not simply a matter of cutting cheques. You need to know how it impacts your tax liability, in addition to other ramifications.

Part of doing payroll involves the Canadian requirements for withholding income tax and tracking benefits like insurance premiums and pensions. Keeping track of these requirements isn’t easy, as they change from year to year and differ from province to province.

To spend your time running your business, rather than dealing with changing laws and bureaucracy, consider hiring TaxAssist Accountants.  As small business experts, they help you comply with the requirements of paying your employees while you focus on running your business efficiently.

Who Benefits from Payroll Services?

If you have employees, you need to pay them promptly. Your requirements for payroll depends on the category of your business, such as:

• Start ups
• Sole proprietors
• Partnerships
• Limited companies
• Contractors
• Landlords

No matter what type of business you have, you can benefit from TaxAssist Accountants’ understanding of some of the complex situations as well. You can handle payroll in-house or you can outsource it. In either case, you need to:

• Register as an employer
• Obtain a payroll number for your business from the Canada Revenue Agency (CRA)
• Get the Social Insurance Number and personal tax credit information for each employee

What Do I Need to Handle Payroll In-House?

Your pay period may be weekly, bi-weekly or monthly. If you handle payroll in house, for every period, you need to consider:

• Costs. If you do payroll yourself, you need to take time to process payroll, which keeps you from running your business. While you could pay an employee to do it, but most small businesses don’t have spare staff.
• Calculations. For each employee, you need to calculate and deduct income tax, employment insurance and Canada Pension from wage payments. Different employment circumstances result in different calculations. Where your employee works matters; not where your offices are.
• Deadlines. You must remit payroll taxes to CRA or other Ministries before the deadlines. Sending them in late results in fines and other penalties.

It’s certainly possible to do payroll in-house, and TaxAssist Accountants can help you get organized. But you may decide that it’s easier to have someone else keep track of the requirements and deadlines.

What Does a Payroll Service Offer Me?

If you decide to outsource payroll, you get payroll services that include:

• Checking the preparation and compliance issues
• Double-checking the calculations
• Meeting all deadlines

Additionally, the staff at TaxAssist Accountants perform duties beyond  simple payroll duties. They can also help you with recruitment and staff retention, and they can provide some human resources-related services.

So Why Do I Need a Payroll Service?

Hiring an accountant or other financial consultant is often your best option. You may not be able to afford to do it yourself. Mistakes are often costly. Besides, the payroll experts at TaxAssist Accountants know how to navigate the tax and finance codes and how to save you time and headaches.

Contact payroll pros  to set up an appointment to discuss your needs with an expert—by phone or at one of their offices. You get a fixed quote to help you decide what your options are. With their assistance, you’ll know your payroll is in good hands.

 

Last updated: 28th July 2022