How much is CPP and EI for 2022?
The maximum contribution to the CPP by both the employer and employee for the current year will be $3,499.80 each.
What is the payroll tax rate in Canada?
The contribution rate increased from 5.45% in 2021 to 5.70% this year – 2022 – due to the CPP Enhancement which has been implemented since January 1, 2019.
What are deductions in pay in Canada?
As well as withholding income tax, Canadian employers must also deduct Canada Pension Plan (CPP) contributions, Employment Insurance (EI) premiums and any applicable provincial employer taxes (source deductions).
From the manual data entry to submitting tax forms and payments, your employees may spend countless hours or sometimes days.
Across Barrie, Ontario Baffilk Financial Consulting offers payroll services to businesses of all sizes. Whether you are a small, medium, or large business, having happy employees is essential for your business’ growth and success. In order to have happy and hard-working employees, you need to make sure that you are paying them both accurately and on-time.
The payroll services at BFC Professional Accountants ensure that your employees are consistently compensated for their hard work. Our bookkeeping and accounting specialists make sure that you are paying them on time and that you are paying the right amount of taxes and deductibles on each check. Accurate pay statements are important to your employees, but also for your business’ taxes and overall financial success.
If you don’t have a payroll specialist at your business, consider outsourcing your payroll services to BFC Professional Accountants. Benefit from payroll that is tailored to the needs of your business and employees. With us, you can count on:
- Reliable payroll
- Increased efficiency
- Reduced risks
- Reduced administrative duties
- Year-end preparation and help
Benefits of Payroll services
Our BFC Professional Accountant knows just what it takes to simplify the payroll process for our clients. We can use cloud-based accounting software to store your data safely in a remote server allowing us to automatically reconcile accounts and simplify the entire process. Using the right software, we are able to keep track of important details such as the employee hours, pay staff automatically or schedule payments in order to ensure deadlines are met. We use just the right software to simplify the process of changing employee’s personal data. Furthermore, our accountant can carry out tax calculations fast and avoid manual processes that are prone to errors by using the right software. Because we avoid manual processes when handling our clients’ payroll activities, we reduce errors significantly helping your business to save more money.
There’s too much to consider when handling payroll work. First, you have to ensure the pay periods and deadlines are met and taxation guidelines followed to the latter. Failure to do this could attract numerous penalties which cost the business so much money. Additionally, because this work involves a lot of data entry, it’s always prone to errors. Manual data entry will always be more prone to errors as well as tax issues. You may end up overpaying or underpaying your employees which could result in serious compensation claims. You can avoid all this by hiring BFC Professional Accountants to offer income tax preparation Barrie.
Why you should hire an accountant for Payroll services
Payroll is a lengthy process if you are new to it or have many employees. We know that as a business owner, you have several talents and expertise that go towards growing your business. We encourage you to focus on your strengths and let us focus on your payroll services.
Our advanced payroll managing software enables us to stay on top of changing tax laws and regulations. We have years of experience serving many companies and industries. We can give you advice on proper compensation for your employees based on industry standards and location.
We specialize in payroll accounting, and that is why we have invested in some of the most reliable software systems on the market today. Your employee’s details will be stored securely and confidentially. Our software also securely maintains records, pay slips, and employee contracts which will be made readily available to you.
A paycheck is simply an employee’s wage – deductions and allowances. A deduction is an amount that is subtracted from a wage such as a replacement entry card. Whereas an allowance is an amount added to the wage for work-related expenses such as gas money and uniform expenses. However, both deductions and allowance have expenses that can be taxable and non-taxable, making the process difficult for someone unfamiliar with the current tax code.
Rest assured, our payroll experts will easily be able to differentiate between the two. With us, the paychecks will always be accurate.
Payroll services saves you time and money
In order to save you time and money, we consider the needs of your business when offering our payroll services. Your business may need to run bi-weekly, semi-monthly or monthly. We’ll choose an efficient solution to save you money. You may have more salaried employees compared to part-time employees which require changes when running services. If you have a high staff turnover, your work becomes more complicated. We’re here to make things easier for you by providing a customized tax services in Barrie. Get in touch with us for more.
When you outsource your payroll to us among other accounting services, we are able to handle all your financial information and provide all the required services in our office. For most of our clients to whom we are offering our accounting services, it’s easy to handle their service because we already have their financial information and data. We use online software allowing you to check your data whenever you need to. We even offer our clients simple training to understand how they can review their data in new and useful ways.