When I started my Controller position at Automaxx this past November, I took over the payroll function which is done weekly for around 30 employees. We have a combination of employees that are commissioned and hourly. I have definitely been getting a lot of practice. Prior to this, my experience entailed mostly calculating payroll tax remittances on bonuses in my clients year ends.
For my own clients, I am starting to implement online applications to handle their payroll. This helps me stay efficient while providing a great experience for my clients. My application of choice is Wagepoint. This software has the ability to provide direct deposit to employees, pay CRA directly for source deductions and allows for online access of pay stubs. Another benefit is that when I am out of town, I can still handle payroll provided I have an internet connection.
In addition, it also integrates with Xero and includes preparation of T4s and the T4 Summary for CRA and the ability to file Records of Employment for employees that leave your business. Wagepoint also has the ability to calculate your WSIB, file and submit the remittances.
Another approach that I have used for salaried individuals is to use CRA’s online calculator to determine their source deductions. I then inform the client how much money they can take out of their company and I can also pay CRA the source deductions on their behalf using a tool called Plooto. This is great for business owners that want to delegate this tedious task.
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