January 22, 2025 8 min read Payroll
Payroll compliance requires accurate deductions, timely remittances, employee records, year-end slips, and clear separation between employees and contractors. Small errors can become expensive.
Set up payroll correctly
Confirm the payroll account, pay frequency, employee forms, vacation policy, and deduction rules before the first pay run.
Payroll should account for income tax, CPP, EI, employer costs, benefits, and taxable allowances.
Owner-manager payroll requires additional planning because salary affects CPP, RRSP room, and corporate deductions.
Remit and reconcile
Source deductions must be remitted on time based on the employer remitter type.
Reconcile payroll reports to bank payments, CRA statements, and bookkeeping entries.
Unreconciled payroll can create T4 errors and CRA account discrepancies.
Prepare year-end slips
T4 and T4A slips should match payroll records, benefits, bonuses, and contractor payments.
Review totals before filing so employees and CRA receive consistent information.
Keep payroll records organized for future reviews.
How BOMCAS Canada Can Help
Need payroll services in Ontario? BOMCAS Canada supports payroll calculations, remittances, T4/T4A slips, and CRA payroll notices. Our team supports Mississauga and Ontario clients with tax preparation, bookkeeping, payroll, GST/HST, corporate tax, CRA audit representation, and planning.