On February 11, 2014, Finance Minister Jim Flaherty tabled the 2014 Federal Budget, entitled “The Road to Balance: Creating Jobs and Opportunities.” A key point for Telpay customers was the reduction in frequency of CRA Source Deduction remittances for some employers. The Budget proposed to increase the remittance thresholds for CRA Source Deduction remittances for amounts withheld after 2014.
- For employers currently remitting up to twice monthly the average monthly withholding amount (AMWA) threshold will increase to $25,000 from $15,000.
- For employers remitting up to four times monthly, the (AMWA) threshold will increase to $100,000 from $50,000.
This change will reduce the administrative burden for as many as 50,000 employers across Canada, according to the Department of Finance. For further analysis see BDO Canada Budget Highlights.
Telpay
Last year, Telpay remitted payments totalling $2,798,295,550 to the CRA on behalf of our customers. Are you using Telpay for Business to remit your source deductions? Even if you do not use Telpay for payroll direct deposit, you can still use it to make your CRA source deductions remittances, without a trip to the bank! And for only 50 cents! Learn more at Telpay Government Remittances for information, detailed instructions and videos.