Our accounting team will provide your business with fast and reliable assistance to help you complete and file all the required forms for payrolls, tax, and employees’ salaries while keeping a low cost. We’ll eliminate confusing jargon and get rid of accounting headaches through the use of cloud-based accounting software. Also, we are prompt at tax calculations and we abstain from carrying out calculations manually. This is because mistakes caused by manual calculations often cost businesses money, which is not something we can afford. To mitigate such risks, we use the right software to manage our clients’ payrolls.
Why are Payroll Services Important?
It’s critical to handle your payroll work correctly to avoid legal problems. Inexperienced payroll administrators can easily run into problems when calculating gross payroll and gross salaries for the workers, especially if they don’t know how to file for an extension in case of late processing. Because payroll work involves a lot of data entry and is generally carried out manually, there are chances of making more errors. Also, you must follow the taxation principles to file your income tax returns. If you fail to do so, you will be charged with penalties.
Tailored Payroll Services
We understand that not every business is the same. We offer the most suitable payroll solution to ensure your company handles payroll in an accurate, easy way. By doing this, you will be able to focus on other important things in your organisation. With our payroll services, you can get a systematic solution that’s customized to serve both your employees and your business needs. Our payroll experts will make sure that you can save some money while ensuring compliance with local and federal laws. When you have a team of employees that bring in different sources of income, preparing taxes can get complex. Filing Taxes, a renowned tax preparation and consulting service provider in Toronto offers custom-built services for tax preparation and tax consulting to make things easy and convenient for clients to manage their business more efficiently.
We Provide a Complete Solution
When you outsource your payroll to us, we provide all the services you need in managing your finances. We can process all the data from your books in real-time and provide them online. When you want to analyze the data, we can provide you with an online solution and help you understand the information on a deeper level.
FBAR (Foreign Tax Credits Or Deductions)
If you’re a green card holder or a US citizen, you need to file a 1040 Form if you meet a certain income threshold. If you reside in Canada and are exempted from the Canada-US social security agreement, you may be subject to S.E. Tax exemption.
You may be subject to U.S. tax reporting and will likely need to complete additional forms if you are a beneficiary or if you own Canadian assets such as Mutual Funds, registered retirement plans, registered education savings plans (RESPs), RRSPs, Registered Retirement Savings Plans (RRSPs), or Tax-Free Savings Accounts (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.
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