If you want to achieve a goal, the best place to start is by setting one. The reason for this is that it’s impossible to reach a goal that you don’t yet have in your sights. We find that Fall is a great time of year to set financial goals for the following year, as the rush of the Summer has gone by but the hectic season of Christmas has yet to begin. Whether you work from a goal worksheet or even just a calendar, outlining your financial goals is a great way to calculate where your company stands in terms of growth & to create a concrete path to where you want your business to go. In the daily grind of running your business, you might feel busy or run off your feet, but is your bottom line
The Canada Revenue Agency decides based on four circumstances, whether a person is eligible or not for employment insurance: Remuneration paid, terms and conditions of employment, duration, and nature/ importance of the work performed. If you are not sure whether a relation’s employment is insurable, call the CRA at 1.800.959.5525. If they conclude that you would have hired a non-related person under the same circumstances, then your employee/relative is insurable. If not, EI premiums should not be paid. Managing your own payroll is a complicated task. There are a lot of rules to monitor and apply. Be sure to keep your finger on the pulse of the situation so that you’re not giving out unnece
Knowing the ins-and-outs of CPP (Canadian Pension Plan) can avoid you having to pay penalties due to not remitting the proper amount on behalf of your employees. In fact, if you know the rules, you may find that you don’t have to remit in certain cases at all. As an employer you are required to match employee CPP contributions. For example, if an employee must remit $1,000 for a CPP, then you have to remit the same amount. If you receive a notice of assessment, or if you discover that you have “under-deducted” CPP contributions, it’s your responsibility to remit the balance due (this includes both the employer’s and employee’s share). However, if your employee is 65 to 70 years old, and has
Managing a company’s payroll is a complex undertaking, no matter who does it. If you or a member of your staff are well trained for the task and can keep up with the changing rules imposed by Revenue Canada... Doing your own payroll seems like a great idea. However, mistakes in this area can be costly, resulting in upset employees as well as possible penalties. Keeping track of paid vs. unpaid holidays are a common obstacle that business owners can encounter when they take on payroll management. If you decide to tackle your own payroll, here are a couple of factors that you should keep in mind, so that doing it yourself doesn’t cost you over and above the money you’re trying to save. When it
