083 | Hot Topic of the Month *Payroll*
Happy 2023 Everyone! We hope you took time over the holidays to relax and be with loved ones. We sure did 😁
Now that a fresh beginning is here, we'd like to start the #newyear off talking about Payroll. Specifically, remittances for source deductions to #CRA and thinking ahead to T4 season next month in February.
What source deductions do you have to withhold and remit?
The source deductions you have to withhold and remit to the CRA may be any combination of:
Canada Pension Plan (CPP) contributions
employment insurance (EI) premiums
federal, provincial, or territorial income tax
For example, if you are an employer and you pay a salary to an employee, you will generally have to deduct CPP, EI and income tax.
What happens if you do not remit your source deductions?
If you do not remit your source deductions and employer shares of CPP and EI when required, the CRA can take action against you. You do *NOT* want this to happen.
What is the best method to remit?
The MyCRA Business Account is your best friend for all things CRA. Over the years, CRA has made the registration and enrollment process easier, so getting setup is easier than ever! Once you have registered, you can use it as a portal for all types of government related items - GST, Payroll, Tax, etc. To sign up, click here. Use this portal to create a #Payroll account if you need one, and file your source deductions online.
As always, we are here to help! Contact Us with questions.
#bigrose #bookkeeping #2023 #freshstart
