Of course you can, but don’t forget to also pay your payrollsource deductions by the required deadline to not have to pay hefty penalty andinterest fees, prepare your T4s at the end of the year, prepare your Records ofEmployment following the rules and deadlines, verify that you are paying thecorrect minimum wage, the right amount of overtime depending on your field ofwork, calculating statutory holiday pay correctly, and the list goes on.
Writing a cheque to your employee(s) is one thing butmanaging payroll while following all the regulations is another. Outsourcingpayroll allows you, as a business owner, to have piece of mind that allrequirements are being met.
When considering whether payroll can be done internally oroutsourced to a third party, it is important to confirm the understanding ofthe following:
1. Payroll basics such asminimum wage, CPP, EI and personal tax credits;
2. Employment benefits and howthey are treated;
3. Government requirements forpayroll source deduction payments and payment options;
4. When and how to prepareRecords of Employment;
5. Staying informed of payrollchanges such as minimum wage, vacation requirements, sick leave changes, andany other matter that is governed by the Employment Standards Act;
6. Overtime pay requirements;
7. Calculation of StatutoryHoliday pay, if it applies;
8. Annual changes to payrollbased on federal and provincial changes;
9. Use of the right software;and
10. Not overpaying for payrollservices whether internal or external.
If you are looking for guidance to evaluate whether yourbusiness should be outsourcing payroll, contact us at info@brunetbooks.ca.
