As an accounting professional, it sometimes feels like the payment cycle never stops. Whether it is month end invoices from suppliers, a one-off payment to a consultant in Pittsburgh or running a bi-monthly payroll for your employees, along with the source deductions to Canada Revenue Agency (CRA). Let’s take a closer look at remitting payroll deductions, how to pay them and explore available options.
Running payroll means you also have to remit the CPP contributions, the EI premiums, and income tax deducted from your employees’ income, along with your share of CPP contributions and EI premiums.
CRA offers an online service that is supposed to make it faster and easier to pay all taxes. However, when you try to sign up and navigate the prompts, it can be troublesome. It’s what happens when the forms go electronic without a proper filing and payment method combined. Here is the experience of a small business owner from Winnipeg, who prefers to be anonymous:
“Thanks, CRA, after succumbing to all of your prompts to do some of my business filings online I sign up and enter the dark, mysterious world of arcane form names like T4a-56 that have absolutely no parity to the good old fashion paper forms I was using just fine! That’s an hour I won’t ever get back. And I STILL HAVE TO FILE MY SOURCE DEDUCTIONS and go to the bank and pay them!”
You can optimize your CRA payment experience with Telpay’s all-in-one comprehensive payment system. Telpay has access to dozens of CRA and government remittance forms built into our Telpay for Business software. Never write a remittance cheque again and use an electronic transaction that costs less than the price of a stamp. It’s one feature that can save time, last minute trips to the bank and late payment headaches.
Learn more about CRA payments calling a Telpay representative at 1-800-665-0302.