It’s that time of year again. If you are a small business, you have a lot of obligations on your plate in the first few months of the New Year. Outsourcing your payroll, HR, Workers’ compensation (WCB), and benefits to a full service Professional Employer Organization can help you to alleviate a great deal of that stress. PEO Canada can help you to avoid costly mistakes that would entail paying penalties with the Canada Revenue Agency (CRA) and Workers’ Compensation (WCB). It can also allow you to free up more time to focus on your business. How do we do that? We do that by completing all of the year end administrative tasks associated with payroll and WCB.
PEO Canada manages all of the day to day administrative aspects of your payroll – all year long. That includes not only paying your employees, but calculating, collecting and remitting your government burdens, including the employer portion of Canada Pension Plan (CPP) and Employment Insurance (EI). This is just one part of our service to our clients. At year end, we prepare the T4 slips for all of your employees. As an employer, it is your responsibility to prepare a T4 for all individuals who received remuneration from you during the previous year, and who meet the following CRA criteria: $500 or more in remuneration, and who pay into Canada Pension Plan, Employment Insurance, or pay Income Tax.
PEO Canada administers your Workers’ Compensation (WCB) account throughout the year. Our WCB professionals will assist in setting up your account and ensure that you are classified appropriately. Their assistance will alleviate any concerns that correct WCB coverage is in place for your company and your employees. It will also make sure that your premiums don’t cost more than they should. PEO Canada will remit your premiums and manage any claims, including early return to work and modified duties programs. In addition to this, PEO Canada will prepare your annual return. That means that we will populate your year -end form, validate it and submit it on time. This mitigates your risk of incurring penalties, because we ensure that the filing deadline is met.
Get back to the part of your business you love, and let our dedicated team take care of the year end administrative tasks related to payroll and WCB administration.
Mary Jane Burchell / Business Consultant / PEO Canada