27 Jan Easy Payroll Deductions
Easy payroll deductions are the ones that calculate themselves and even get remitted to the CRA on your behalf. In Canada, we have many benefits that other countries do without, such as employment insurance, a national pension plan, free health care and many other public programs. Go on and take a moment to be proud to live here.
The flip side of these and many other great perks is that we, the people, all chip in to help keep these programs going, and that of course means we’re talking about payroll deductions.
We all know what the deductions are. Employment Insurance (EI), Canada Pension Plan (CPP) and Income Tax. And if you’re a business owner you have the added “honour” of chipping into the EI and CPP amounts as well. How generous!
All of these things need to be calculated for each individual employee, which means that in many cases they need to be recalculated for each employee for every pay period. With so much variation, modern payroll software has shaved hours off of what was before a tedious manual process. In the modern day, all you need to do is print a report that tells you how much Income Tax, EI and CPP need to be remitted, and add on the company portion, then fill out the remittance form and pay the total. Easy, right? But what if we told you this process can be made even simpler?
Real Easy Payroll Deductions
With Payroll Connected, businesses have the added option of paying deductions, fully automatically, on every payroll run. If a business using Payroll Connected chooses to do so, the software can be configured so that when the direct deposit file from the payroll is uploaded to pay their employees, that file will also include the amount of payroll deductions for that pay period, and send it in trust to Payroll Connected’s headquarters. Here we hold the funds until your remittance period is over, which for most businesses this is monthly. At that time, we will remit your payroll deductions for you, and then send you a report for that remittance period. It’s just that easy!
By using this service, which is free of charge by the way, not only does it eliminate yet another reoccurring task from your already packed to-do list, but it also keeps your bank account up to date with every payroll run. That way you can avoid the often large remittance payout every remitting period, which often includes the remittances from two or even three payroll runs. It’s just another reason why Payroll Connected is payroll simplified, and why it also is payroll deductions made easy. Sign up for a free trial today and get your payroll connected.