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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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21 | www.wagepoint.com 4. Workers Compensation Account numbers and Rates This may or may not apply to your company specifically, but if you are required to register your company for Workers Compensation, you will be assigned an account number and a rate (%) by the Workers Compensation Agency in your province. In addition to checking the account number and the rates, you should also make sure that all the applicable employees are enrolled in the program from a payroll standpoint. In our app, it is as simple as assigning the right Workers Compensation rate to a specific employee within their Job tab. This is also a good time to make sure that you are fully caught up on all WSIB / CSST reporting. Because these agencies typically deal with the company directly, the employer is responsible for completing and submitting these reports, usually on a quarterly basis. You should always confirm your reporting frequency with the Workers Compensation board in your province. Most payroll providers can provide a report of all the remittances that have been made on your behalf, which is a handy report to accurately complete your WSIB / CSST reports. 5. Statement of Account From the CRA / Revenu Quebec Assuming your bookkeeper or payroll provider is handling government remittances on your behalf, they should be able to provide you with a Receiver General Report that outlines all the remittances that have been paid out to date. You should compare the Receiver General Report with the Statement of Account you receive from the CRA / Revenu Quebec. This will help you spot any missed remittances, over or underpayments and catch up your payments well before you rack up any serious penalties. 6. Remittance Frequency Most companies typically fall in the New or Regular Remitter frequency, where your remittances have to be paid by the 15th of the month following the month you paid your employees. Once your Average Monthly Withholding Amounts (AMWA) start to increase, your company might be required to remit taxes more frequently than a New or Regular Remitter.

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