Managing Your Company's Payroll Taxes

28 March, 2016

Managing your company’s payroll taxes can be confusing; the rules are anything but clear, and there are a lot of deadlines to keep track of. With professional help from a tax accountant, Mississauga employers stay on top of it all with ease. You work hard at maintaining proper records of your employees and payroll, but when it comes to meeting all the demands of regulatory compliance and payment deadlines, it’s a wise move to consult a Chartered Professional Accountant firm because it is their primary function to stay up to date on all changes to laws, interpretations, and deadlines pertaining to Canadian tax law.
What Can A Tax CPA Do For My Business?

  • EI Contributions – Your tax accountant will help you know what records to keep and how to keep them correctly, so that your Employment Insurance deductions and contributions are correctly made, reported, and remitted on time.
  • Pension Plan Contributions – Pension Plan deductions and contributions are handled differently for employees aged 18-65 than they are for employees between ages 65-70, and, in certain cases, employees are not required to contribute at all. Your company is liable for deducting and remitting the correct amount monthly, and fines are steep for making mistakes or omissions.
  • Remissions – There are a number of required remissions to be made on different schedules, and remission amount for the CRA can vary. It is in your company’s best interest to know exactly how much you are required to submit monthly, continually recalculating the amount based on the CRA’s Average Monthly Withholding Amount (AMWA) formula. If you’re remitting without recalculating, you are giving the government an interest-free loan with your company’s money.
  • Planning – Planning ahead for payroll taxes and other business taxes can allow you to take advantage of savings in the form of additional deductions. By doing periodic planning sessions with a tax accountant, Mississauga companies maximize their deductions and savings.

Certified Filings, Expert Advice And Planning
Whether your company employs a dozen people or a thousand, you will benefit from professional payroll tax preparation and planning. At Numbers Plus, filings made by our Chartered Professional Accountants are backed with a guarantee of accuracy. Your payroll taxes and other business taxeswill be filed accurately and timely, and if your company is ever audited, we will represent you and stand by our work through that process. Call Numbers Plus today at 289-290-3322 to learn how working with a tax accountant in Mississauga and the surrounding areas will help your company save time and money.

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