Managed payroll support that saves you time and money
Paying your people the right way, at the right time is critical. It’s also a chore. We help farm and small business owners manage payroll so they can focus on bigger things, like their own success.
Payroll management is a serious challenge and a time-consuming aspect for small-sized and medium-sized businesses. Every year, numerous small commercial organizations in Canada are reprimanded for their faulty payroll calculations and deductions. Hiring in-house payroll experts on full-time basis is an expensive affair for such companies while if this aspect of their business is not meaningfully addressed and managed, the probability of employees leaving faster will be quite high. And, not to forget that missing out on mandatory compliances as required by labor laws of the land, can make things worse for the organization.
Efficient payroll solutions: save time, cut costs, and ensure worry-free compliance
Cost Effective: Use your staff more efficiently by letting us handle payroll and the associated legal details. Reduce overhead by removing the need to hire specialized employees.
Time Saver: Our payroll service eliminates the burden of customizing, updating and maintaining your own payroll system – no more data entry, no more researching updates or new laws, no more worries.
Worry Free Payroll Tax Filing: Eliminate the risks of calculating and filing your own payroll taxes by having a professional payroll accountant do it for you. Federal, state and local payroll tax laws are frequently changing and becoming more complex. How much time do you want to spend learning all the rules and keeping your information up to date?
- Dedicated payroll specialist for your industry
- Personalized support for all filings
- Accurate calculations and remittance
- Year-end T4's and Records of Employment (ROE's)
- Electronic CRA filing + record keeping
- Direct deposit payments to your employees
- 24-7 access to your online portal
- Simple timesheet for your employees to track time
- Dedicated payroll specialist for your industry in the USA
- Personalized support for all IRS filings
- Accurate calculations compliant with US regulations
- Scalable Payroll Solutions to grow with your business
- Electronic IRS filing + record keeping
- Direct deposit payments to your employees' US bank accounts
- 24-7 access to your online portal
- Simple timesheet for your employees to track time
How we take care of you and your business
You can’t afford to waste time guessing at payroll deductions or learning payroll software. Our payroll experts will manage your payroll and reduce your business risk by making sure you stay compliant.
1. Connect
2. Set-up
3. Support
1. Connect
2. Set-up
3. Support
Comprehensive Payroll Accounting Reports
You get a wide variety of user-friendly and accurate payroll reports. For a nominal fee, we will include union reports, certified payroll, workers’ compensation reports and much more.
Accreditations and Certifications
We uphold the highest standards of integrity to our customers can benefit from an accredited accounting.
What are my income tax responsibilities as a Canadian employer?
As an employer in Canada, you must deduct (withhold) the proper income tax amount every time you pay an employee. In addition to federal income tax, you must also withhold provincial and territorial income taxes in the provinces and territories where you pay employees. Employers only need to withhold income tax for employees. When you pay contractors, the contractor is responsible for managing their income tax amounts.
The answer is don’t keep it or treat it like a short-term loan. These funds must be remitted (paid) to the CRA on a regular basis, usually monthly or quarterly and often by the 15th of each month or quarter. The timing of your payments to the CRA is called your withholding schedule.
If you do your small business payroll manually, without using software, you are responsible for every step of the process from calculating withholding amounts to managing remittances. However, when you use self-service payroll software, like M7 Group, you can automate a majority of this process, including your remittances.
The sources that determine the amount of income tax an employer withholds are the CRA payroll deduction tables and each employee’s TD1 form.
The payroll deduction tables help you determine the amount of federal and provincial/territorial income tax to deduct each pay period. (Note: These tables do not include income tax calculations for Quebec) These same tables contain the rates for CPP contributions and EI premiums. (You see how this all starts fitting together?)
An employee’s federal and provincial TD1 forms tell you the number of federal and provincial/territorial deductions claimed. (Each is a separate form.)
When you register your business with the CRA, you’re issued a unique 9-digit business number. Then you have to register for a program account, for payroll you need a payroll deductions (RP) account (also known as a payroll program account). Your business number plus your payroll program account are the things that tell the CRA who you are.
Yes, they do. In Canada, the CRA is the mothership for income taxes and payroll taxes. The Employers’ Guide to Payroll Deductions and Remittances is a comprehensive reference resource. Within the deduction tables, there’s also a payroll deductions online calculator (PDOC).
As a Canadian employer, you also have to account for EI and CPP — along with any provincial and territorial requirements. While income tax only requires the employer to withhold amounts from an employee’s pay, EI and CPP require employer contributions (amounts paid by the employer). Here’s how this works:
- CPP — the employer must match the amount deducted from the employee’s pay cheque.
- EI — the employer pays 1.4X the amount withheld from the employee’s pay cheque.
