How to calculate and set up payroll deductions.How to calculate and setup payroll remittances.How set your Employees up on payroll and what you need from them (SIN and TD1 forms).How to open a payroll account with the Canadian Revenue Authority (CRA).Studies have found that 6% – 13% of employees have payroll related issues in every pay period, let's make sure you aren't part of that demographic! There are five easy steps to follow when setting up payroll and compensating employees. It can also be very inconvenient for your employees if they don't get their pay on time or the right amount in the right account. Setting up payroll can be long, tedious and quite costly if you get it wrong. How do I go about setting up payroll for the first time? Canadian payroll means that you are going to be dealing directly with the Canadian Revenue Agency, as opposed to any other govermnent body. For instance, who are the employees? How much does each of them earn? How often are they to be paid? All these and more are the business of Payroll. To pay your employees, you need to have specific systems and protocols in place. Payroll refers to the aggregated compensation structure and procedure that your organization follows when paying employees for the work they have done for the business. We have done our best to anticipate the specific hurdles you might encounter as you go about setting up payroll for your business. It is for this reason that we have prepared this detailed business owners' guide to set up Payroll. On top of all that, a cursory Google search wouldn't help much either. Setting up payroll for your business for the first time can be quite daunting, and the penalties of failing to do it right could be financially and legally costly.
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