You knew that you needed to hire more employees for your expanding business, but the amount of paperwork for employee payroll tax calculations just… scared you. So instead of hiring more people you just piled the work onto your existing employees, and now there’s an impending mutiny, and you need a payroll solution for your business (among other things) and you’re FREAKING OUT. Shhh it will all be okay. This short guide will help you start organizing all of the employee payroll nightmares that have been following you around.
- SIN for Every Employee Ideally, all of your employees will have a Social Insurance Number (SIN) which lets you know that they can legally work in Canada. If your employees don’t have SINs… you should probably not be on the internet because the government is probably monitoring you (and even if Canada isn’t, the US government DEFINITELY is) because your employees are probably not legal. And watch out for SINs that begin with the number NINE because those numbers indicate someone who is not a permanent Canadian citizen and is authorized to work for only a specific time period.
- Reliable Paycheck Delivery Do you deliver your employees’ paychecks on time? That’s a huge part of maintaining a strong business, since people really like to be paid for the work they do. Many businesses are turning to online payroll services for paycheck delivery because it’s cost-efficient and saves paper. Many other companies outsource their employee payroll processing to a company that specifically handles the entire employee payroll program for businesses. This is also a great option because you can have other people deal with the confusing numbers while you go play golf. Er, um, while you’re working. You’re hard at work, working.
- There’s this TD1 thing… The TD1 is important because it specifies, with each separate employee, how much tax money needs to be deducted from different incomes. The really confusing part is that there are multiple TD1 forms: some are federal, and others are provincial. This is actually a horribly confusing thing unless you’re already familiar with Canadian tax regulations. If you’re up for the 190-regulation-long list of requirements for Canadian employee payroll processing, congratulations, you win at life. If you aren’t up for that, a professional payroll services company can take care of it for you.
Now, none of these points seem particularly confusing in theory, but they become remarkably complicated in practice (which you maybe already know?). Your employee payroll processing is actually one of the most important parts of your business, so it’s okay to admit that you need some help. Because seriously, your employees just want to get paid on time and they don’t care how it happens. Check out this website for more: www.thepayrolledge.com