Tax slips are often received in the months before April. It is important in those first few months to prepare for the slips and get them organized. The T4 slips is a statement of remuneration paid, in other words money paid for work or service. T4A is income from a source other than work, such as pension or annuity. Non-work related income is also covered in T5, which goes over investment income. T5007 covers benefits, and T5018 covers contract payments. Dely & Associates can provide any information about these tax slips, along with assisting with preparation of slips.
CRA requires employers to remit their payroll source deductions frequently. These source deductions are a combination of the federal and provincial taxes withheld from employee’s payroll and the business’ portion of CPP and EI. It is very important that every business plan for monthly or quarterly source deduction remittances as the CRA will charge penalty and interest for late payments. If you are unsure what qualifies as source deductions or need help making the calculation, Dely & Associates can help.
To calculate Workplace Safety and Insurance Board (WSIB) calculations, you need to calculate your gross insurable earnings by your premium rate and then divide by 100. Note that you will have to calculate NAICS (NC), and you will have to calculate each one separately if there is more than one. If you own a business, you must determine the gross earnings for each person during the reporting period. Remittance is a sum of payment for goods or services as a gift. If you have given or received remittance, that must be noted as well in a report of income. If you need assistance in calculating safety, insurance or remittance payment, contact our experts at Dely & Associates.
Employer health tax (EHT) is a remuneration paid to employees or former employees (if within the tax time period) presented as a payroll tax. Due to events related to the pandemic in 2020, EHT exemption was increased from 490,000 to $1 million that year. The Ontario Government later announced that the change would be permanent. For employers to qualify, their title must be deemed eligible by the EHT Act. However, the exemption will not be granted if the employer’s payroll is $5 million or higher. EHT rates vary from 0.98% on an Ontario payroll less than $200,000, to 1.95% for a payroll $400,000 or higher. For more information of payroll calculations and added remittances for employers, our experts at Dely & Associates can help you.
Why hire Dely & Associates?
Need help with accounting services for your business? Let the experts at Dely & Associates help you.
- To eliminate errors while saving you time, money, and stress.
- To assist with all finance-related work.
- To retain a trustworthy source of support.
- To help you make better business decisions.
- To give you guidance while planning for the future.
- To save you tax.
- To help you avoid audits.
- To facilitate CRA compliance.
