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

We can all agree, when companies start achieving success, they tend to forget how they got there. They remain focused on achieving even more success. But, who contributes to these successes? Dedicated happy employees who want to accomplish something for the company who gave them a chance to work for them and are committed to their company’s values and mission. Employees are the backbone of the company. If employees are thriving, that means the company is flourishing as well.

Bill 188, Economic and Fiscal Update Act, 2020, received Royal Assent on March 25, 2020 and has been enacted as Chapter 5 of the Statutes of Ontario, 2020. Schedule 1 of the Bill consists of the Employer Health Tax Act. This new Bill will have an impact on your payroll calculations for 2020. Please ensure you update your software to accommodate the new calculation. The Employer Health Tax Act allows eligible employers to claim an exemption amount when establishing their taxab