How often does the letter "e" occur in:
Since July 2009 employment has increased by more than one million jobs, the strongest job growth among Group of Seven (G-7) countries over the recovery. Close to 90 per cent of all jobs created since that time have been full-time positions, with more than 80 per cent in the private sector and two-thirds in high-wage industries.
The OECD recently projected Canada to lead the G-7 in economic growth for 2013 and the World Economic Form ranked Canada’s financial system as the safest and soundest in the world for a sixth year in a row.
Falling unemployment over the recovery means the EI Operating Account is on track to return to balance, and the premium rate increases previously projected are no longer necessary.
“As payroll taxes like Employment Insurance are particularly challenging for small business, today’s announcement of an EI rate freeze is fantastic news for Canada’s entrepreneurs. This move will keep hundreds of millions of dollars in the pockets of employers and employees which can only be a positive for the Canadian economy. As employers pay 60 per cent of the cost of the EI system, small firms can use these savings to hire, improve wages or help grow their businesses,” said Dan Kelly, President and CEO of the Canadian Federation of Independent Business.
Starting in 2017, as announced in Economic Action Plan 2012, the EI premium rate will be set annually at a seven-year break-even rate. This will ensure that EI premiums are no higher than needed to pay for the EI program over that seven-year period, and will result in sustainable funding, affordable rates, and ongoing predictability and stability.
It's no surprise that processing payroll is toward the bottom of the list of tasks that business owners like to do. In fact, it wouldn't be a stretch to say that most business owners dread processing payroll. On the surface, processing payroll seems like a fairly simple and straightforward business responsibility, but anyone with payroll experience knows that there are reasons to dread it. Here are five.
There might be a few people out there who enjoy paperwork, but if you feel that there are never enough hours in the day, paperwork can be a real thorn in your side. And with payroll processing, the paperwork is endless.
From the moment you hire an employee, you have to start keeping track of paperwork for that person. Not only do you have to stay on top of deductions, taxes, and contributions for each employee every pay period, but you also need to keep accurate enough records to complete end-of-year reports for the CRA. It takes an organized person with solid systems to keep all of this paperwork straight.
It's the employer's responsibility to deduct Employment Insurance premiums, Canada Pension Plan contributions, and income taxes from the employees' paycheques. Each of these deductions has its own formula and its own rules, and the employer is responsible for correctly figuring out each amount.
The CRA has an online calculator to help employers with these calculations, but pay close attention to the disclaimers: "You assume the risk associated with using this calculator," and "The reliability of the calculations produced depends on the accuracy of the information you provide." Therefore, you can't use the online calculator as an excuse if you end up with mistakes in your deductions.
Once you've finally figured out how much to deduct from each of your employees' paycheques, it's time to face the next dreaded task: remitting the deductions to the CRA. Monthly payroll deductions are due the 15th of each month, and your remittance needs to arrive on time. If it's just a day late, you'll face a fine, which we'll talk about next.
If the CRA finds that your business is not properly remitting CPP contributions, EI premiums, and income tax, your business will be fined. If this happens more than once in a calendar year, the CRA will levy an additional fine. These fines can be a huge hit to your company's bottom line as well as to your morale as an employer.
5. Changing laws and regulations.
Many small business owners find that over time they can get the hang of payroll processing. It can become part of their daily, weekly, and monthly routines. But then, as new laws are passed, the rules change, and they find themselves back at square one. Laws related to payroll processing change frequently, and it can be quite difficult for harried business owners to keep on top of all the changes.
One solution to handling these dreaded payroll processing tasks is to turn your payroll tasks over to a third-party payroll service provider like The Payroll Edge. These services are experts in the details. They know the laws and rules, and they have systems in place to keep your business running smoothly.
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In that passage, there are four hundred and eighty-six occurrences of the letter "e."
assistant