Statutory deductions making you dizzy? We’re here to help
Dec 20, 2022Resources
Share this article
Small business owners can often feel like they’re expected to be masters of all trades. Whether it’s a shelf that needs hanging, a website that needs designing or a package that needs shipping, you may find yourself overwhelmed by a very random - and disparate - list of to-dos.
Your list may also include running payroll and filing year-end tax forms… and the stakes of getting these tasks right are especially high to avoid major headaches (or even substantial fines) down the road. If you’re not necessarily a math enthusiast or tax expert, manually calculating statutory payroll deductions like Canada Pension Plan (CPP) and Employment Insurance (EI) can feel incredibly daunting.
1. Automatic calculation of CPP, EI and income tax
Yep, it’s true - every time you run your payroll with Payworks, all of the necessary statutory deductions are calculated for you, saving you time and stress. This comes in handy every time you pay your team, but also when it’s time to file at year-end (which Payworks also does on your behalf!).
Even the Canada Revenue Agency (CRA) themselves has noted Payworks as a third-party service provider to help with source deductions. This means you can breathe easier knowing that you’ve paid your team (and yourself!) correctly… without having to add “tax whiz” to your own list of qualifications.
“Payworks takes the worry out of deductions, vacation pay, etc. The reporting is also very helpful when discussing Profit & Loss, etc with our executive team. Our client services rep is always incredibly helpful and knowledgeable. We really like the personalization and knowledge of having a dedicated CSR who we can direct questions or concerns to, and have them answered in a timely manner.”
Mast Hair, Edmonton, AB
2. Automatic legislative updates
Legislation that impacts payroll is constantly evolving, even after the extra-tumultuous past couple of years. Beyond rules around CPP and EI, what’s considered a statutory holiday can change (along with the resulting impacts on your business, depending on the regions in which you operate), as can legislation around overtime hours and more.
Unless you consider the CRA’s website “light bedtime reading,” it can be easy to miss something critical!
Payworks is pleased to provide tools and updates to our application that help you stay compliant, no matter how quickly things change. And one of the benefits of our cloud-based system is that you’re always on the most current version at no additional charge - no manual updates required.
“Payworks is the BEST payroll provider. They’re current on the changes in payroll (COVID-19, stats, etc). They have a knowledgeable team of representatives. I feel I can process with confidence and the T4s will be a seamless filing with no issues. The checks and balances are all done for you. I highly recommend Payworks!”
L.I.A. Bookkeeping, Sooke, BC
3. Notifications, resources and support to help you manage the rest
There will also be some updates we can’t make on your behalf - for example, when minimum wage legislation changes in your region, we won’t automatically adjust your team’s rate of pay (but are happy to assist with mass rate changes). But we’ll keep you in the loop on upcoming changes with plenty of notice so that you can pivot accordingly.
We’ve also got a positively-bursting library of resources to help you plan for the year ahead, including the fan-favourite Payroll Guide for Canadian Business (available to all at no charge, whether you’re a Payworks client or not).
And of course, all Payworks clients are supported by a dedicated, NPI-trained Client Service Representative who knows you and your business and provides consistent, expert help and guidance. Suffice it to say: with Payworks, you’re never alone.
“When it was time for us to be able to pay ourselves, we wanted to make sure we were doing it the right way. It just makes everything so much easier knowing that, when I’m doing the process through Payworks, that all the Ts are crossed and the Is are dotted and it’s good to go.”
Planet Pantry, Winnipeg, MB
Lightening your load is priceless, but for a real estimate on what it would cost to let Payworks handle the heavy lifting (spoiler alert: you’ll likely be pleasantly surprised!), try our no-obligation, instant quote calculator here: https://www.payworks.ca/quote.