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FEATURED NEWS AND UPDATES
NEWS AND UPDATES
The Intricacies of the 2022 T4 Slip
The T4 slip or “Statement of Remuneration Paid” summarizes the earnings paid to an employee over a calendar year. It also shows other specific amounts that an employee will use later for income tax purposes. Boxes 57, 58, 59 and 60 are not used again this year, but are still required for any 2020 T4 amendments. For information on completing and filing 2022 T4's please visit: https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/rc4120/employers-guid
The Intricacies of the 2021 T4 Slip
The T4 slip or “Statement of Remuneration Paid” summarizes the earnings paid to an employee over a calendar year. It also shows other specific amounts that an employee will use later for income tax purposes. There have also been revisions for the 2021 calendar year as boxes 57, 58, 59 and 60 are not used this year, but are still required for any 2020 T4 amendments. For information on completing and filing 2021 T4's please visit: https://www.canada.ca/en/revenue-agency/service
Working From Home? Me Too!
COVID19 certainly has changed the way many employees carry out their duties. Working from home used to be a luxury for only a select few, now many are stuck working from home with whatever means they have to work with. Some have a home office, while others have a table, a chair, maybe a bed to work on and make the best of it. You also must have that other spot you vacate to for your video calls. While you are working from home, there are several aspects to be mindful of. Here
T2200 and T2200S Forms for 2020
The T2200 form is a Declaration of Conditions of Employment that an employer completes for their employees if an employee is required to work from home and/or results in them having to incur expenses while working from home. New for the 2020 tax year, there is a T2200S form that an employer completes for their employees if an employee was required to work from home due to the COVID-19 outbreak and/or resulted in them having to incur expenses while working from home. The T2200
What You Are Missing by NOT Paying Yourself First
What does the term pay yourself first really mean? It commonly refers to payroll deductions to a group RRSP provided by your employer. How is that paying yourself first? Let me explain. When you are paid, your gross amount is taxed, also known as taxable income. So, the concept is this, lower your taxable income, pay less tax. The idea is to pay yourself some money before the Government grabs their little piece, hence the term “pay yourself first” is used. If you make regular
The Intricacies of the 2020 T4 Slip
The T4 slip or “Statement of Remuneration Paid” summarizes the earnings paid to an employee over a calendar year. It also shows other specific amounts that an employee will use later for income tax purposes. There have also been revisions for the 2021 calendar year to report earnings during the COVID19 outbreak. For a quick peek at the new T4 reporting requirements for 2020 please visit: https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update/support-employers-cra-c
Does Payroll Software Produce Accurate Payroll?
I see a lot of posts on social media asking for recommendations on payroll software. It really does not matter. Any payroll software you choose makes calculations based on the information you enter. If you make incorrect entries, it does not know the difference. “Garbage in, garbage out” as some of my accountant friends would say. Payroll softwares do vary, it mainly depends on personal preference and ease of use, but there are several things you must understand. One mix-up t
Information on the Recent CRA Cyber Attack
If you haven't heard yet, there have been some cyber attacks against the Government of Canada departments. Some accounts have been disabled in order to protect your identity. Please visit: https://cyber.gc.ca/en/news/statement-gckey-credential-service-and-recent-credential-stuffing-attacks for more information on the recent CRA cyber attacks that have been causing Web access issues since Saturday. The Office of the Chief Information Officer of the Government Canada released a
What Is the Reality?
When you started your business, what was your perception, and what became the reality? Maybe you had a side gig, also worked a full-time job or just took the leap of faith and made it work. You had an idea, you turned that idea into a business, and BOOM, it all worked out as planned! Or did it? As time passed, what changed? How did you adapt to the reality of your niche? Maybe just finding your niche was the moment reality began to detour your original path? You molded your i
Happy Canada Day!
The Stagecoach family would like to wish you all a Happy Canada Day!! 2020 is half over and it sure has been an interesting year with many challenges. We hope these challenges have strengthened you, and will allow you to continue to learn and grow. We may not be able to physically see all of our friends and family, but we can definitely celebrate virtually. As a reminder, if you are open for business on July 1, please ensure your employees are getting paid accordingly. Please
Payroll Must Prevail
Often things happen without warning. Like when there is a power outage. Most people don't prepare, so when the room goes black, they have to scramble. Where are the candles and the matches? Where are the flashlights and batteries? Most people follow this reactive approach. What approach do you follow? Being caught up in the moment prevents you from thinking clearly. When the power comes back on, that is when you realize you left food on the counter and now it's spoiled, or yo
Happy Father's Day
Happy Father's Day to all the Dads out there. Stay safe and have an amazing day! #happyfathersday #bestdadever #stagecoachpayroll
How Do You Know When it is Too Late? When it All Turns to Fluff!
Proactive payroll management can be compared to the dandelions growing on your lawn. When things go unnoticed for a period of time they can often get out of control. Requiring a large amount of time and company resources to sort out and calculate the necessary adjustments. Payroll is always evolving. Legislation keeps changing, especially now during the COVID-19 outbreak. Vacation accruals, employee rates of pay, employee benefit amounts, employee deductions, as well as, any
Canada Emergency Business Account (CEBA) Upcoming Revisions
Businesses that previously didn’t qualify for the Canada Emergency Business Account may now have a second chance as Justin Trudeau released that there will be some revisions to help accommodate more Canadian businesses struggling during the current COVID-19 outbreak. The program was implemented on April 9, 2020 to provide interest free loans up to $40,000 to not-for-profit or small business to help them cover their operating costs since revenues have dropped. If businesses ca
Time, Do You Have Enough?
As a business owner, time is your only obstacle. You don’t have any more than anyone else, you don’t get any more than anyone else. You have 24 hours a day to accomplish your dreams, or not, there is no real maybe in this equation. You can get caught up in distractions that are not really important, or you can utilize your time by doing only the important tasks that put money into your business. The hardest part is deciding what the important things are. Is the internet alway
If Opportunity Knocked, Would You Miss It?
Whether you are ready for your next opportunity, or looking for growth, you will need to take some time and update your resumes and online profiles – even if you are not looking for new opportunities. Benefits of updating you profiles regularly (even when you are not looking for new opportunities): It's always nice to know if you are being compensated competitively. As people reach out to you online, you will get a sense of your value based on your skills and experience from
What is 'My Account' and How to Create One
My Account is a secure portal that lets you, as an individual, to view your personal income tax and benefit information online. It also allows you to manage you tax affairs online. The Canada Revenue Agency has put out a video to demonstrate how to create a 'My Account'. Here is the link for "My Account". Visit our website regularly to view the latest “News and Updates” on issues that impact you, your business and the industry. Stagecoach Payroll Solutions – “Your Canadian Pa
Protect Yourself From Fraud/Scams!
We hear stories about fraud and scams, which can sometimes lead to identity theft as well, and exclaim, “How can they fall for that? It was too obvious!” But are you sure you never fell for one or almost? Are you sure you are protecting yourself from fraud, scams, and identify theft? A lot of fraud, scams and identity theft work on your emotions and naivety. Have you never questioned a phone call received claiming a loved one is hurt and needs help and then panic? Many of the
When and How Should YOU Respond to a Message?
There are many opinions on how quickly you should respond to messages, regardless of the method. How swiftly you should reply to a message all depends on the complexity and timing of the message. Just take a moment to reflect on what you currently do when you receive a message. Do you stop everything and respond to that message? Do you wait until you finish what you are working on and work on the message? Do you only check messages at certain times and respond? Or do you chec
Bill C-15 Canada Emergency Student Benefit Act (CESB)
Applications begin on Friday May 15th. Information on eligibility and how to apply is now available here: https://www.canada.ca/en/revenue-agency/services/benefits/emergency-student-benefit.html On May 1, 2020, Bill C-15 Canada Emergency Student Benefit Act received Royal Assent, having passed with no amendments to the third reading. Click here to view the Bill. The Bill will allow students who a) are enrolled between December 1, 2019 and August 31, 2020, in a post-secondary
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