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The Great Canadian Guide to Small Business Payroll

Free Payroll eBooks for Small Business Owners and Startup Founders in the United States & Canada

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Remittances/payments for Threshold 2 remitters are due no later than the third working day (not counting Saturdays, Sundays, or public holidays) after the 1st-7th, 8th-14th, 15th- 21st and 22nd-last day of the month. In other words, no later than the 3rd business day after the week in which the payroll was processed. Threshold 2 remitters are also required to make remittances/payments through a financial institution at least one full day before the due date in order to prevent fines. Making Your Remittance Payments On Time The process of remitting payments includes the use of: 17 | www.wagepoint.com Form PD7A, Remittance Voucher – Statement of Account for Current Source Deductions for regular, quarterly and monthly remitters. Form PD7A(TM), Remittance Voucher – Statement of Account for Current Source Deductions, or Form PD7A-RB, Remittance Voucher for accelerated remitters. Payment methods include: Online or by phone. By Visa® Debit or Interac® using the CRA's My Payment service. Pre-authorized debit. Third-party service providers, like a payroll company. At a financial institution, using a personalized remittance voucher. By mail to Canada Revenue Agency, 875 Heron Road, Ottawa ON K1A 1B1 — cheque only, do not send cash. If You're an Employer in Quebec Quebec has its own provincial pension plan, the Quebec Pension Plan (QPP), provincial income tax and the Quebec Parental Insurance Plan/Provincial Parental Insurance Plan (QPIP/PPIP). If you have employees in Quebec, you must deduct these payments and remit them to Revenu Québec. However, EI and federal tax deductions go to the CRA. Fun, right? Remember, if you use the right payroll software, this can be done automatically. Best Practices to Prevent Remittance Errors and/or Penalties Your payroll deductions (source deductions) must be held in trust in a separate account from your normal operating account. Missed or late payments will result in fines along with daily compound interest on any outstanding balance of $500 or more.

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