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Nathan Harrison,PCP
- Feb 10
- 6 min
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
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Nathan Harrison,PCP
- Feb 1, 2022
- 6 min
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
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Nathan Harrison,PCP
- Feb 3, 2021
- 3 min
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
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Nathan Harrison,PCP
- Jan 20, 2021
- 1 min
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
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Nathan Harrison,PCP
- Jan 9, 2021
- 2 min
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
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Nathan Harrison,PCP
- Jan 6, 2021
- 6 min
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
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Nathan Harrison,PCP
- Oct 2, 2020
- 2 min
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
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Nathan Harrison,PCP
- Aug 17, 2020
- 1 min
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
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Nathan Harrison,PCP
- Jul 10, 2020
- 2 min
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
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Nathan Harrison,PCP
- Jun 24, 2020
- 2 min
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
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Nathan Harrison,PCP
- May 29, 2020
- 2 min
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
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Nathan Harrison,PCP
- May 20, 2020
- 2 min
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
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Barathi Mailvaganam,PCP
- May 11, 2020
- 2 min
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
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Barathi Mailvaganam,PCP
- May 4, 2020
- 5 min
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
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Barathi Mailvaganam,PCP
- Apr 30, 2020
- 4 min
During a Crisis: Creating an Emotionally & Physically Safe Workplace
We do not expect it, but sometimes we find ourselves in uncharted waters. We are all on our toes due to the recent COVID-19 crisis. Things are changing each day and we must adapt to it whether we like it or not. We all want a safe environment to work during an emergency, here are several things to consider: Ease the Pressure Whether you are a manager or an employee, you both feel the stress when things are not going according to plan. During stressful times, it is the respons
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Barathi Mailvaganam,PCP
- Apr 29, 2020
- 1 min
COVID-19: Youth, Post-Secondary Students and Recent Graduates
There are several helpful resources if you require assistance during the COVID-19 crisis. Please check out the Government of Canada, Provincial and Territory websites. Canada Emergency Student Benefit (CESB) On April 22, 2020, the federal government has announced it plans to implement the Canada Emergency Student Benefit (CESB), which would provide support to students and new graduates who are not eligible for the Canada Emergency Response Benefit, Employment Insurance or una
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Barathi Mailvaganam,PCP
- Apr 28, 2020
- 2 min
Canada Emergency Commercial Rent Assistance (CECRA)
The federal government announced on April 24, it has reached an agreement with all provinces and territories to implement the Canada Emergency Commercial Rent Assistance for small businesses. The program is aimed to reduce rent by 75% for small businesses that have been affected by COVID-19. This is targeted to small businesses paying less than $50,000 in rent per month, and who have temporarily ceased operations or have experienced at least a 70% drop in pre-COVID revenues.
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Barathi Mailvaganam,PCP
- Apr 28, 2020
- 1 min
Temporary Salary Top-Up for Low-Income Essential Workers
The federal government announced they plan to work with the provinces and territories through a new transfer to cost-share a temporary top-up for low-income workers (those who earn less than $2,500 per month on a full-time basis) that the Provinces and Territories have deemed essential. More details to be released. Please check out Government of Canada for the latest information. Ontario: On April 25, 2020, Premier Doug Ford announced it will temporarily increase remuneration
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Barathi Mailvaganam,PCP
- Apr 27, 2020
- 1 min
Canada Emergency Wage Subsidy (CEWS)
Applications will begin on April 27, 2020 for the Canada Emergency Wage Subsidy (CEWS). It is aimed to support employers who are hit the hardest by the COVID-19 pandemic, and to protect the jobs Canadians depend on. This will cover about 75% of an employee’s wages, to a max of $847 per week, for all employers and across all sectors who have suffered a drop in gross revenues of at least 15% in March and 30% in both April and May individually. Eligible employers are entitled to
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Barathi Mailvaganam,PCP
- Apr 16, 2020
- 2 min
Issuing ROEs for COVID-19
Are you an employer and need to issue a Record of Employment (ROE) for your employees? The Government of Canada has released a reminder on how to correctly issue your ROEs to help ensure your employees get the right benefits whether they apply for the Canada Emergency Response Benefit (CERB) or Employment Insurance (EI). If you are issuing ROEs to employees who are affected by the COVID-19 and they are no longer working you must issue a ROE. One of the following reason codes
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