It's that time again, tax time! We all know the horror stories when it comes to government remitting. The time it takes to calculate the employee and employer portions, the “is this supposed to be taxed?” insecurities, and especially the “what is my company's remittance frequency? Luckily we figured out a way to keep it simple.
We get it, it's confusing. Especially when remittances such as: withheld source deductions, CPP contributions and EI premiums, need to be sent to the CRA after paying remuneration or giving a taxable benefit to an employee.
If that doesn't sound confusing enough, there's more; if done incorrectly or late, serious fines and penalties could incur.
So how can you stay on top of these things without spending tons of time on calculations? There is an easier way, with Push payroll software!
What is the easy way to calculate source deductions and remittances?
Sure, you can make your calculations manually, or pay a payroll person to do the math for you, but your question was in fact, what is the easiest way to complete these calculations, and the answer is simple.
The easiest way to simplify all that tax math is to invest in a payroll software that has automated calculation functionality.
This way, you never have to do manual calculations or remittances that could result in error, late fees, or pay an outsourced or internal person to run these calculations for you.
At Push, we do just that, so you can sit back and relax while we facilitate automated calculations, and handsfree remitting.
By using Push, the system will auto calculate government remittances per pay period, as well cap off where it needs to.
How do I view my government remittances?
Within the software it's easy to view what is going on with your Remittances by following these 7 steps.
- Select the “run payroll” tab.
- Select “government remittances” on the left hand navigation bar.
- Here you can see the breakdown of your government remittances per month.
- You may also chose to view the Government Remittances Report, found under the report column.
- The report can only be run per pay period.
- If you are looking to view how much less you have remitted based on the 10% wage subsidy claim, the subsidy amount will be under the "Tax Subsidy" column.
- The "Subsidy Claim" column will show the amount reduced from the payrun's invoice (this amount will change for payruns with retroactive claims being credited).
This system displays all payroll details for easy auditing and uses the most up to date Government Standards to auto calculate proper CPP, EI and Taxes per each employee.
So sit back, relax, and use the extra time to keep your business flourishing!