Payroll services for Canadian immigrants: Everything one needs to know
Payroll services offer to help out with all payroll-related tasks, as per your requirements, efficiently. Some of the key benefits of using a payroll service provider is increased convenience, guaranteed accuracy, limited to no risks regarding non-compliances, effective functionality, etc. One of the biggest reasons why a payroll service provider is a good option is that it allows the company to focus on other key aspects of operations with better attention and dedication. The Accounting & Tax Company offers some improved payroll services that can greatly benefit your organization.
How to set up Payroll in Canada
At present, according to statistics approximately 75% of the entire Canadian business sector is dominated by the service industry. So, the need for a payroll in place holds great importance. To know more about payroll services available in Canada, you can reach out to tax consultants in Toronto or other states in Canada.
- Register yourself with all the important government agencies in Canada. This is important to ensure your participation in all government compliances during setting up the business.
- Get a Business Number from the Canada Revenue Agency. This step is vital as it enables you to make use of all statutory deductions like taxes, insurances, pension plans, etc.
- Set up the Employer Health Tax. This basically depends on the area you are in since some parts of Canada require the employer to set up the health tax remittance by registering the company with the Ministry of Finance. Currently, the employer health tax is functional in Ontario, Québec, British Columbia, Manitoba, etc.
- Determine the frequency of payroll, which can be either weekly, semi-monthly or monthly, depending on your business operations.
- Deciding the medium for payroll between in-house payrolling or services. You can take advice from corporate tax consultants in Toronto or according to your city. In case you are currently in the United States and looking for the options in Canada, you can seek help from international tax consultants in New York, New Orleans, or any other City in the states.
Pointers on Employment for Canadian Immigrants
- Similar work culture as the United States.
- A more protective approach for the employees in Canada to ensure high security, standard of living and limited risks involved in the employment tenure like unfair termination.
- Strict anti-discrimination law at workplace.
- Legal requirement to maintain accurate payrolls for minimum 6 years.
- The concept of overtime pay is equivalent to 1.5 times the regular pay per hour, after an employee completes 44 hours a week. Moreover, the employee’s overtime pay is not affected by the other statutory compliance payment and benefits.
Overall, Canadian employment regulations are somewhat similar to other countries. But as the workforce is bigger, a payroll service provider can be very effective in abiding by the required employment compliances.
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