Payroll

January 3, 2014

Self-Employed? You can still get access to some Employment Insurance (EI) benefits.

By |2017-01-02T20:23:16-07:00January 3rd, 2014|Business Management, Payroll and Taxable Benefits|

Many people think that because they are self-employed, that they cannot access any EI benefits. However, recent changes made by the government has allowed these types of individuals some access to EI benefits. In order to qualify, you must first assess whether you are self-employed or not and whether any of the benefits listed to you is of interest. For some people, this may be a good option. For example, if you operate a company by yourself and you become [...]

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January 14, 2013

TD1 – 2013 Personal Tax Credits Return(s) and why you should get these filled out by your employees

By |2017-01-02T20:23:17-07:00January 14th, 2013|Business Management, Payroll and Taxable Benefits, Personal Taxation|

Before you embark on your first payroll of the year for your employees, it would be of interest to you to get your employees to fill out a TD1 form for both their federal and provincial portions of their tax withholdings. A TD1 form is a Personal Tax Credits Return. When filled this form can allow your employees to get larger net cheques as their payroll cheques will factor in some tax credits that they will usually receive when they file their [...]

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December 21, 2012

As a small business owner, should you pay yourself a salary or dividends out of your company?

By |2017-01-02T20:23:17-07:00December 21st, 2012|Business Management, Corporate Taxation, Payroll and Taxable Benefits, Personal Taxation|

In Canada, many small business owners don't realize that they have some options in terms of the type of remuneration they can receive from their company. Each type of remuneration has its advantages as well as disadvantages. Due to the unique circumstances of each business there is never a right answer as to which type of remuneration is best. To you the owner, the type of remuneration you would like to receive depends on your short and long term goals [...]

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Tax Implications of Employee Christmas Bonuses and Gifts

By |2017-01-02T20:23:17-07:00December 14th, 2012|Business Management, GST/HST, Payroll and Taxable Benefits, Personal Taxation|

Now that the Christmas season has arrived, one issue that many employers have is how to give those sought after yearend bonuses to their employees. No matter what type of Christmas bonus you give to your employee, there are tax consequences to either your company or to your employee. We will discuss some of these options and their tax implications as follows. Please note that you may be required to withhold CPP and(or) EI on some of the options below [...]

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Setting up your company payroll

By |2017-01-02T20:23:17-07:00December 7th, 2012|Business Management, Corporate Taxation, Payroll and Taxable Benefits, Personal Taxation|

Many new owners are sometimes not aware that even though they have incorporated, there is a liability to the government with regards to company payroll. As an employee, what you do know is that you receive your pay cheque each month with CPP, EI, and tax withholdings. However, what many don't know is what the employer has to do with those withholdings. To comply with CRA, if you have monthly payroll, you must remit the paycheque withholdings to CRA by [...]

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