When Canadians think of infrastructure what typically first comes to mind are the roads and bridges that are used daily to get to work, the grocery store and home. This physical infrastructure allows for the movement of goods and services across the country and internationally on a daily basis. When this infrastructure starts to show its age, it can impact this flow of goods and services that our economy relies on. Annually billions of dollars are promised by our leaders and reinvested into upgrading and modernizing this essential infrastructure.
The Canadian payments infrastructure is less commonly thought of by Canadians but no less important in facilitating and supporting the movement of goods and services in Canada. The payments infrastructure in Canada cleared $49.6 trillion dollars in 2015; so if you have initiated a bill payment, funds transfer or received your paycheque by direct deposit your transaction is among trillions that have taken a ride on a virtual payments highway maintained and operated by Payments Canada (formerly the Canadian Payments Association or CPA).
When electronic payments are initiated in most cases, they are utilizing a platform provided by a financial institution or an independent third-party payment processor such as Telpay. These front-end payment processors receive your payment instructions and then push them into the Canadian Clearing System for clearing and settlement. All payments that travel on this virtual highway are subject to rules and regulations established by Payments Canada. These rules influence your payment’s journey, for example, their speed of settlement, the timely resolution of items that are returned and the general oversight of payments processors who handle your payments.
The month of January brings with it a new year of possibilities and hopefulness for your business, but it’s also one of the critical times in the calendar as you ready yourself for fee increases.
One of the rates we’re used to seeing rise are for postage, and unfortunately 2017 continues this trend. As Canada Post has recently announced, meter prices for domestic standard letter 0-30g changes to $0.82.
One of the most interesting aspects of human nature is that very few of us are truly open to change. We establish our routines; we settle in a particular neighbourhood, and for the most part, we keep these consistent for much of our lives. This is particularly the case in our professional surroundings.
A hockey player, for example, will remain loyal to a brand of equipment for familiarity and comfort, a chef will swear by a particular knife maker whether they are cutting meat or vegetables, and an office worker will remain steadfastly loyal to Windows-based or Mac computers. Trying to get any of these workers to switch to another system is an exercise in frustration.
Recognizing this, Telpay continues to support a wide variety of accounting programs, even those from companies that are no longer producing software, or versions that have since been replaced in the market.
This time of year, your office is a hub of activity. Your holiday festivities needs to be planned, staff vacation schedules need to be carefully balanced and any closure dates need to be sent out to your clients.
For a company’s financials, this means having all ducks in a row and ensure that any outstanding payments must be completed. Fortunately, Telpay is here to help you, and we’re starting that off now with some tips to help you wrap up 2016 and stay on track for the upcoming new year.
Plan for 2017
It’s just a couple of weeks – the new year! What is your company’s electronic payment strategy going to look like? If you’re unsure, we’ve compiled “The Ultimate Electronic Payment Checklist” to help you maximize and leverage all the features and benefits of Telpay’s services.
The holidays are almost here, and we want to help ensure you have a problem-free festive season. After all, this season is for appreciating and reuniting with loved ones, not worrying about payment deadlines. It’s especially not the time to be muddled by many holidays interfering with your payment schedule.
Avoid any last-minute stress by planning your payroll and payable payments in advance. This is a perfect opportunity to remind you that Telpay will be closed on December 26 and 27, and as such will not be processing payments or accepting funding for payroll and/or payables. We have our handy Holiday Funding Schedule for you, complete with
required lead times for both payroll and payables.
We also want to thank you for your continued support and look forward to working with you again in the new year. As our gift to you, we have put together a holiday playlist, comprised of the Top 10 festive songs as selected by our staff. (Feel free to use this at your holiday party – we don’t mind!)
As an entrepreneur, it can be very exciting -and stressful -to watch your business grow. Meet Nicole Funk, Executive Director of Wellspring Support Inc, who used to worry about her payroll process or whether that vendor got paid on time.
Located in Victoria, British Columbia, Wellspring Support is a comprehensive, community-oriented service provider offering innovative day programming for adults with developmental, physical and behavioural challenges. With a new location and new staff hires, Wellspring is now a medium sized business and growing.
I had a chance to talk with Nicole about her new peace of mind on her business payments and how other entrepreneurs might find it helpful.
Nowadays, it feels like we are living in a fast food mentality. We can no longer wait for anything and want it faster. No time to cook, so you do fast food. Why go to a traditional store, when you can buy the perfect item online. What about your bill payments? How does “Next Business day, Bill pay,” sound to you? Here’s a review of Telpay’s Payables Funding Options.
Payables funding options are really important because this is how Telpay receives money from your business to process your payables payments. There are two available funding options. You can choose to send money to Telpay via online banking which has a one-day lead time or request Telpay to automatically withdraw the money from your bank account through Pre-Authorized Debit which requires a four-day lead time.
Are you tired of waiting for Government Remittance payments to get through to CRA? Concerned with incurring penalty and interest charges for late payments? With Telpay for Business software, you no longer have to wait or worry.
Next Business Day CRA Payments
Simply submit your Government Remittance separately from your payroll and your payment will be processed the very next business day. The required forms are conveniently built right into your Telpay for Business Software.
Plus, businesses can make CRA Payments to the following:
• Source Deduction
• T2 Corporation
• Excise Tax
• Excise duty
• Part XIII – non-resident withholding tax
• Nova Scotia’s Workers Compensation Board
• T1 individual
Worry-free with Telpay
Sign up for a November webinar and learn how to easily make your Government Remittance payments. We’ll even send you a $5 Starbucks gift card to say thank you. Sit back, relax and learn about Government Remittance features with Telpay.
Government Remittance Training – November 17
Congratulations to Juliet Aurora CPB, President and CEO of AIS Solutions in Burlington Ontario, for being honoured by the Institute of Professional Bookkeepers of Canada (IPBC) as the Bookkeeping Firm of The Year. Juliet is a long time Telpay customer and proud partner in our ASP Program.
The Bookkeeping Firm of the Year Award was created to recognize a member firm who upholds the IPBC standards and ideals. As well as a firm that has had significant success along with contributing to their community. Juliet Aurora and AIS Solutions are very deserving.
We have all seen the commercials bragging about their products such as, “the ultimate driving machine,” by BMW or “Look Ma, no cavities,” by Crest. Hey, I do like BMW’s, but as a Volvo owner, I am not sure BMW is the ultimate ride. Also, I have used Crest toothpaste but still got a couple of fillings to fix those cavities. Taglines can be catchy, but are they true? When it comes to bill payments, Telpay is “The Better Way to Pay,” because you can pay anyone. Here’s why.
With Telpay’s all-in-one comprehensive payment system, you really can pay anyone. From payroll, government remittances, supplier invoices, expense accounts, one off payment, USD payments, international payments and more. We truly can help you streamline and eliminate manual processes while retaining existing controls. You can reduce costs and save time and be more efficient. We have answers to some of those burning questions about paying anyone.
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.
Did you know? Our secure and easy processing of Government Remittances is one of the many ways Telpay provides you with a painless payment experience.
With the simple entry of your remittance information, our Telpay software automatically submits the required forms to CRA.
October is the month to be thankful. Aside from unpacking those chunky knit sweaters and immersing ourselves in pumpkin spice everything we must take a moment to give thanks. Here at Telpay we would like to thank YOU for making the switch to electronic payments by saying “Thanks a latte!”
As a valued Telpay customer, you are a special part of our business and just like a latte we want to make your transition to electronic payments as smooth as possible.
That’s why we encourage you to join us for a payables webinar this October where you will learn how to:
• Pay all your suppliers electronically
• Process your payables as early as the next business day
• Leave it to Telpay to collect banking information from your suppliers
Telpay will be closed for Thanksgiving on October 10th 2016, and no electronic payments will be processed. We believe that everyone should be able to enjoy a stress-free holiday, so we have created the following advice.
Steps to Enjoy the Thanksgiving Long Weekend:
- Plan your payments in advance, to avoid any surprises.
- Check our Holiday Schedule to be sure on funding deadlines.
- Double check someone is bringing pie.
- Relax, and enjoy spending time with loved ones.
Hopefully, this will help you spend more time with family and less time worrying about payment deadlines.
As a business owner or accounting professional, we all like things to be hassle free…right! Meet Juliet Aurora, founder of AIS Solutions in Burlington, Ontario and a Telpay ASP Partner. Juliet and her team at AIS Solutions, pride themselves on providing business owners with “no hassle” bookkeeping done right.
In 2000, while in search of work-life balance, Juliet made the decision to set up an accounting business from her home. From those humble beginnings, Juliet has grown AIS Solutions into a full-service bookkeeping and small business advisory firm with a team of ten. And, this fall she will be launching a cutting edge Training and Support community for Bookkeepers called Kninja Knetwork. Juliet has found her work-life balance by incorporating tools that help her succeed in all aspects of AIS Solutions. Today, she successfully runs a thriving business while still making time for her family and friends.