Small Business Payroll
Payroll For Small Businesses
Every business needs a payroll system to maintain operations, productivity, and financial responsibility. Tangs Accounting Services provides payroll services for small businesses.
We help small and medium-sized businesses set up a payroll system to streamline payment processes and track payable taxes.
Tangs Accounting Services is a business accountant in Toronto that helps Canadian businesses set up, maintain, and use their payroll system,
Businesses of all sizes and in all industries require a payroll system to maintain operations and track taxes, but this system can be complicated to set up. At Tangs Accounting Services, we help you throughout the entire payroll process.
To set up a payroll system, a business owner needs to register the business and then register the payroll system to pay employees and track these expenses for deductions and other corporate tax needs.
Small Business Payroll Services
If you pay salaries, wages, tips, gratuities, bonuses, or deduce pension or superannuation, you are legally obligated to have a payroll program in Canada.
Tangs Accounting Services provides a full spectrum of payroll services. We help businesses through every payroll stage, from the initial set up to issuing employees to tracking deductions. Learn more about our payroll services in Toronto.
Payroll Account Registration
Before you set up your payroll, you will need to register with government agencies.
Tangs Accounting Services can complete your payroll account registration on your behalf. We set up your payroll in compliance with the Government Of Canada.
When your payroll program is set up, you will receive a 15-character account number that identifies your system with the Canada Revenue Agency when you make business claims.
To set up your payroll, we will:
- Receive your business number from the CRA
- Register with the Ontario Ministry of Finance for Employer Health Tax remittance
- Register with the Ontario Workplace Safety and Insurance Board within 10 days of making your first hire
Payroll Deduction Remittance
When you have a business that pays employees, you will need to account for payroll deduction fees.
A payroll deduction is the amount of money taken out of an employee’s gross wage to pay for a service or government program. After these deductions, a net wage is left. This wage is what is paid to an employee.
Tangs Accounting Services will help you with your payroll deductions to ensure you put the right amount on your official earnings statement.
T4 (T4A) & T4 (T4A) Summary Issuance
The T4A form, known as the Statement of Pension, Retirement, Annuity, and Other Income, is what a business uses to report its income and pensions.
If you pay employees or professional entities, you are obligated to complete a T4A slip. Tangs Accounting Services assists business owners with T4 (T4A) and T4 (T4A) summary issuance in Toronto.
Businesses are required to fill out a separate T4A Summary for each of their payroll accounts to reflect the amounts indicated on the T4A.
A T4 Summary can be filed online or via mail. The slip and summary are then filed with the CRA.
Records of Employment Issuance
Businesses must maintain a record of employment (ROE) for each employee. In Canada, you have five days after a pay period to issue an ROE electronically.
This document allows an employee to apply for employment insurance (EI) benefits.
Tangs Accounting Services will assist you in preparing a record of employment for your employees.
To create this report for your employee, you can fill our paper documentation, use Service Canada’s online ROE web service, or make use of your payroll provider’s ROE Secure Automated Transmission.
The Workplace Safety and Insurance Board (WSIB) is Ontario’s board for workplace insurance. Most businesses with employees are required to register with the WSIB, and Tangs Accounting Services will help you every step of the way.
Tangs Accounting Services will register your business with WSIB in Toronto. Most Ontario businesses with employees are required to register with the WSIB. Specifically, companies must register with the WSIB within ten days after their first hire.
When you register with the WSIB, you provide your business and employees with workplace insurance coverage and access to health and safety experts in your industry.
Under the WSIB, businesses must calculate, report and pay their premium remittance. This remittance is based on their insurable earnings or projected earnings based on reported projections.
At Tangs Accounting Services, we work with you to ensure that your remittance is calculated accurately and filed on time. We will also calculate your insurable earnings and ensure you reflect them in your financial statements for business tax purposes.
We also help businesses registered with the WSIB file claims for medical treatment for employees injured on the job.
Frequently Asked Questions About the WSIB
What does payroll mean in business?
Payroll is the system that automatically issues funds to the account of employees in a specified pay period so that employees can obtain their earned payment.
How do I set up a payroll account with CRA?
To set up a payroll account with the CRA, you will need to register and obtain an account number to make your business's payroll identifiable by the government agency.
Why is payroll important for a business?
Payroll is essential for a business for a variety of reasons. For one, it is what enables a company to pay its employees promptly and securely. Payroll allows a company to keep track of its payments, store essential information needed for issuing remittance and deductions, and reflect its payments to the CRA. Payroll also includes information required for tax purposes and is a legal obligation of businesses.