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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.
