How is your employee net pay calculate with employment expenses?Arriving at net pay for your employee’s pay period is different what goes on employee expenses?
Are you a licensed real estate agent, the salesperson on a salary/commission or truck driver?
Deducting out of pocket expenses are not [Read more…]
If you don’t keep on top of your payments and/or remittances to the government, you may find that you have difficulty catching up on the arrears. The money you collect on behalf of the government are to be held in trust (HIT).
If you don’t make the payments on time, you may also receive fines, penalties and interest charges.
The following information was created for the Small Supplier or Business that makes less than $500,000 in a calendar year. If you are making over this amount this article may not apply to your business. You can find information relevant to your business here: Remitter Types and Due Dates
Here are the deadlines you need to keep in mind:
Depending on the amount of money you make in your business, your GST returns will be due Quarterly, Monthly or Annually.
Your GST/HST payment due date is 30 days after the end of your reporting period.
If you file quarterly this means:
If you file monthly, it’s due 30 days after the month end.
(Do you need to register for GST? Find out when here: Do I need to register for GST?)
If you are a new remitter or your payroll liabilities are less than $3,000 you will be a quarterly filer.
For quarterly filers, payroll liabilities are due on the 15th day following each quarter.
If your payroll liabilities are more than $3,000 and your payroll is $25,000 or less, you will be a Regular filer.
For regular filers, payroll liabilities are due on the 15th following the month end.
(Need help with payroll? We provide that service: Payroll Services)
If your premiums are under $1,500 per year, you will be an annual filer. Your payment will be due on the 20th day of the month following the calendar year.
If your premiums are over $1,500, you will be a quarterly filer. Your due date will be the 20th of the month following each quarter.
Workers Compensation
If you don’t keep up-to-date, they can refuse you access to the job sites and stop your employees from working. They can also request the funds from your client if you are many months in arrears and fail to keep the premiums paid up to date.
GST/HST and Canada Revenue Agency
If you fail to meet these the remittances and/or payments, you will be personally responsible for taking care of the balance owed to the government. They will consider taking your personal assets.
We can help you identify problem areas and create a recovery plan. We can also provide suggestions and an overview of your options so you can keep your business running.
Contact Ina for a free consultation.
Happy Victoria Day! Queen Victoria Birthday.This is the weekend before 25 May is an observance – Queen’s Victoria birthday in June.
Here you maybe asking about, statutory holidays, looking to travel or camping this long weekend.
You will be paid for this a statutory holiday, if you worked before the holiday.
Did not work is holiday pay is regular time. You are working pay is time & a half or double time.
As an employee working in past 12 months you qualify for vacation leave is 2 weeks or 3 weeks, all depending on your length of service is less or more than 5 years. For more information about your vacation pay 4% or 6% accumulated or retained. (more about vacation paid or owed)
Many businesses are planning for vacation for summer breaks by asking employee about their family travel plans.
For more information, see our payroll services or arrange an appointment by email ina@handsonbooks.ca phone 604 314-8395. Today!
January is a good time to hire a bookkeeper to help with your reporting for the past year.
There are many forms to complete, depending on the volume of your business.
We have expertise in the many standards, regulations, and logistics involved with bookkeeping, payroll, and tax returns.
Although we do not perform the role of the Certified Chartered Accountant, we can help do the day to day bookkeeping to present to the Accountant – thus lowering your accounting fees.
We can help with your year end payroll reporting:
We can help file your Tax Return(s) – current or prior years – for Personal and Business. The filing deadline is April 30, 2017.
If you are looking to purchase RRSP, you have the 1st 60 days in 2017 to make the contribution and reap the rewards of tax savings on your 2016 return.
We can help file tax returns for the past 10 years. The deadline for filing 2007 tax returns is January 20, 2018.**If you need help catching up, contact us today!
For businesses with 1 – 3 owners, the payment is due on April 30 of the following calendar year along with the GST/HST payments. The tax return due date is extended to June 15th – which is the deadline to file the Business Activities Statement for your business or partnership.
For other deadlines, such as payroll, compensations, GST – see this article: Government Deadlines – what you need to know
We like to help you keep ahead of those deadlines by reporting daily, monthly or yearly.
Contact Ina for a free consultation and let us worry about your year-end paperwork.
**This has recently been changed to allow access to all tax returns packages from 1985. If you’re behind, filing taxes can help you avoid charges on balances due.
As a business in the trades, rentals, real estate agent and/or construction – you are required to file and pay your taxes on time.
Many people do not understand how to report and/or pay their federal and/or provincial sales taxes.
We can look after that for you. All you need to do is gather all your receipts into piles for each year. This includes deposits, invoices, purchases and expenses.
Next, bring them to us and we will do the calculations to determine whether you need to register for GST/HST, PST and WCB. (Wondering when you need to register for GST? This article will help: Do I need to register for GST? )
We can help file your return from 2007 to current.
You will need the cash you have held in trust (HIT) for all your taxes and payroll. If you do not have this cash available, we can work with you to find the money to help pay off the Sales Taxes, Federal Taxes, Payroll Liabilities and Workers Compensation.
If you do not (or cannot) pay your taxes on time, we can explain any penalties you may be subject to and help you avoid as many as possible.
We can represent you to:
All I request of you is your cooperation in dealing with other agencies, governments, collections or anyone else you need to bring on board.
We have worked with many businesses who have fallen behind with their bookkeeping, government paperwork and tax returns. If you are one of many who are in this situation, the sooner you act, the better. Contact Ina today for a free consultation.
