As an employer, you should know that you have obligations to not just your employees, but also to the CRA. You have an obligation and responsibility to understand those responsibilities and adhere to them. Otherwise, you will be obligated to pay penalties and interest.
- You must determine your status as an either an employer, payer or trustee.
- All employers, trustees, and payers must open a payroll account with the CRA.
- Hire your employees.
- You must calculate the related payroll deductions for your employees. Those deductions will include CPP contributions, EI premiums, and income tax deductions based on the amounts you pay your employees.
- You must calculate your contribution of CPP and EI.
- You must then remit employee deductions and as well as your contributions within the require CRA timelines.
- You then must complete and file the CRA information returns
However, your obligations do not stop there . Additionally, you have an obligation to maintain maintain proper payroll records and keep those records for a required amount of time. And as payroll and CRA laws & obligations change, you must ensure you are compliant with these changes.
As a small business owner you need to be concerned about meeting these obligations, but you also need to focus on saving time and money. Consider addressing your payroll solution in a way that removes the payroll function from your plate by using PayTrak payroll services through Padgett Business Services. It will allow you to focus on revenue generating activities while meeting all your payroll obligations.