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Payroll & Accounting Services Hamilton

Are you looking for a service provider to maintain data entry and submit tax forms and payments? Filing Taxes offers accounting and payroll services in Hamilton customized for your needs.

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Our Professional Accountant knows the right way to simplify the payroll process for our clients. We make use of cloud-based accounting software in order to save your data safely in a remote server. This allows us to rectify accounts and simplify the entire process automatically. We use the correct software, which helps us keep track of essential details like the employee hours, pay staff or schedule payments so that everything is done before the deadline. By using the correct software, we can change the employee’s personal information also. Also, our accountant is quick at tax calculations and abstains from carrying out the calculations manually, which are usually prone to errors by using the correct software. Because we prefer using the right software to manage our clients’ payroll activities; therefore, fewer mistakes are helping your business to retain more money.

Why are Payroll Services Important?

Payroll services are important because it involves too much work. When handling payroll work, you have to make sure the pay periods are completed before the deadline and follow the taxation guidelines. Because if you fail in doing this, you may be charged with a penalty, which will cause your business to pay more money. Since the payroll work is involved with a lot of data entry, there are chances of making more mistakes. There will always be mistakes and tax problems in case of manual data entry. Chances of underpaying or paying more to your employees are higher, which could end up in serious payment claims. All this can be avoided if you hire a professional accountant, Filing Taxes is here to provide help in income tax preparation in Hamilton.

Tailored Payroll Services

We understand the importance of a business. That is why we do our best to save your time and money by considering your business's requirements when offering payroll services. We will give you a systematic solution to save some money, and your business can run weekly, monthly or semi-monthly. The number of salaried employees will be more than that of part-time employees that need changes when handling services. Your work becomes more complex if you have a high staff income. Filing Taxes will make things work with ease by offering custom-built tax services in Toronto. For more help, you can get in touch with us.

We Provide a Complete Solution

By outsourcing your payroll to us, we can carry out all your financial details and provide you with all the required services together. It becomes easy for us to handle our clients' accounting services because we already have their financial information and details. Our clients can check their data wherever they want to by using the online software. We also provide our clients with simple training so that they get to know how to analyze their data in new and various ways, which will be useful to them.

FBAR (Foreign Tax Credits Or Deductions)

For all the taxes you paid in Canada, you can make a claim for foreign tax credit on your United States tax returns. If you are a green card holder or a U.S. citizen, you must file the 1040 form on a yearly basis if you meet a certain income threshold. You may be subject to S.E. tax exemption if you reside in Canada and you are exempted by the Canadian U.S. social security agreement. You will have to file disclosure to this exemption with the 1040 Form.

Other than filing the 1040 Form every year, you may be subject to additional tax reporting. Additional tax reporting may apply if you are a beneficiary or if you own Canadian Mutual Funds. You are also subject to additional U.S. tax reporting if you own or are a beneficiary of Canadian RPPs, RESPs, RRSPs, and TFSAs.

How much is CPP and EI for 2019?

Both the employer and employee must contribute $2,748.90 each to the CPP for the current year.

What is the payroll tax rate in Canada?

Due to the CPP enhancement, which was applied on January 1, 2019, the contribution rate increased from 4.95% to 5.10 %.

Does Canada have Payroll Taxes?

Yes, the employers in Canada must also remove Canada Pension Plan (CPP) contributions, Employment Insurance (EI) premiums, and any applicable provincial employer taxes.