We are a tax preparation company that primarily caters to small businesses. Our company prepares and files small business taxes and personal taxes. Other than preparing and filing small business taxes, we take care of payroll for small businesses by letting them know exactly how much to pay their employee and how much to deduct for the CRA. What separates our payroll services from other companies is that we keep things simple, are flexible with last minute changes, and are very quick. We also make T4s for your employees and file it to the CRA at no additional cost.
If you are considering having employees, you need to decide whether you want to have them as contractors, or put them on payroll. For contractors, you pay them their full amount and they do their own taxes at the end of the year. You don’t have to worry about deducting anything out of their paycheques. On the other hand, if you go down the payroll route, you have to deduct taxes, CPP, and EI from each paycheque. You also have to match the CPP that you deduct and pay 1.4 times the EI that you deducted from their paycheque. This is an additional expense for your business. The advantage is that you can write most of this off as an expense, which reduces the taxes your business pays at the end of the year.
YEG TAX MASTERS
Small Business Payroll Services – Edmonton & Area
780-691-3982
Edmonton Payroll Services – Personalized Support
If you decide to go with the payroll option, the first step is for you to give us specific information about each employee. This information only needs to be given to us once.
- Personal information (address, full name, SIN number)
- how often you want to pay them (biweekly, monthly etc).
- rate of pay (salary, hourly, etc.)
Then, we would need to know the hours that the employee worked for every pay period. This information is given to us regularly by you. As soon as you give us the hours, we make the paystubs which show how much to pay the employee and how much to deduct from their paycheque. We will also send you a form called PD7A which shows exactly how much to send to the CRA. This form includes the amounts you deducted from the employee’s paycheque and what the company paid out of its pocket for each paycheque.
The next step is for you to pay this exact amount to the CRA through your business bank account. This amount must be paid before the 15th of the following month, or else CRA will charge you penalties and interest.
The following year, we will make you a T4 for each employee and file it to the CRA. We also issue ROE’s for employees that want to go on EI.
Frequently Asked Questions
How much do I have to pay to keep an employee on payroll?
You have to match the total CPP deducted from each of their paycheques as well as 1.4 times the EI deducted.
Can I go on EI from my company?
No. Employers cannot go on EI from their own company, and EI will not be deducted from your paycheque.
How much do you charge to look after our payroll?
$25 a month if you have 5 employees or less and $1 more for each additional employee.
Do I pay you at the end of the year when I pay for my corporation filing, or do I pay you once a month separately for payroll?
It’s up to you, but I prefer if you pay one time at the end of the year.
In summary, we provide tax preparation services to small businesses and individuals. We also provide payroll services to businesses. What separates us from other companies is that we are very quick in getting you the amounts to pay. We are also very flexible in our work hours, which means you can send us your employee’s hours at the end of the day, and we can have your PD7A ready in minutes. The process is very simple, quick, and we help you from the beginning to end.
YEG TAX MASTERS
Small Business Payroll Services – Edmonton & Area
780-691-3982
Edmonton Payroll Services – Personalized Support