As an employer in Canada, the CRA requires that you file payroll taxes accurately and on time. Staying up to date with government remittances can be overwhelming. It can be difficult to stay on top of paperwork and calculations. Do you have the correct forms? Which policies have been updated? Here’s what you need to know:
Employers are required to calculate, deduct, and remit the following source deductions each time you issue payroll:
As a business, your remittance schedule for payroll deductions is determined by your average monthly withholding amount (AMWA). This is the sum of all the payroll deductions you paid to the CRA in a calendar year, averaged monthly. A two-year history of your AMWA is used to classify you as a new, regular, accelerated, or quarterly remitter.
Confused yet? PSI is here to help. At PSI Payroll Services, we make your payroll as straightforward as possible. At PSI Payroll we process your payroll and handle all your remittances to third parties, including Federal and Provincial government and insurance providers. You submit your payroll to us via phone or fax and PSI Payroll Services will submit it electronically on your behalf – no more wasting time in ques.
Here are a few examples of government remittances that PSI Payroll Services can assist you with:
Partner up with PSI Payroll Services today so that you never have to worry about calculating government remittances again. We take the guesswork out of getting employees paid correctly and on time.