Payroll Services

Our professional payroll experts will take care of your paystubs, direct deposits, source deductions, T4s and ROEs. Get a Quote

Payroll Services

Canadian federal and provincial payroll regulations are constantly evolving and can be challenging for unfamiliar businesses.

We will share all applicable labour laws pertaining to:

Expert payroll services for Canadian federal and provincial regulations

Canadian federal and provincial payroll regulations

We provide a wide range of payroll services by using the latest payroll software with fully updated deduction rates.

Weekly, bi-weekly, semi-monthly, monthly payroll issuance

Paystub creation for each employee and breakdown of applicable Canadian taxes

Monthly Source Deduction Calculation and remittance instructions

Record of Employment (ROE) creation for employees who are no longer employed

Annual T4 and Conditions of Employment Report & Distribution

Receipt of payroll CRA correspondence

CRA representation regarding payroll matters

Direct deposit payroll for employees from a Canadian account or printing of cheques for pick-up

Operating a trust account for employee payroll distribution

Income Slips TMP Can Assist you in Creating

income-slip:calculator on desk with glasses

Sub-Contractor and Commission Wages- T4A, T5018

Subcontractor and Commission Wages T4A, T5018- Payments of $500 or more made to independent contractors and freelancers should be declared to the CRA through a T4A or T5018 by the last day of February in the following year.

Dividends Pay-T5

Dividend paid- T5- Payments made to corporate shareholders have to be declared to the CRA through a T5 slip by the last day of February in the following year. These payments need to be categorized as eligible or ineligible dividends accordingly.

Interest Pay-T5

Interest paid T5- Interest Paid to investors should be declared to the CRA through a T5 slip by the last day of February in the following year.

Payments from Trust-T3

Payments from a Trust T3- Income from dividends, interest and capital gains issued from a Trust is declared through a T3 slip.

Why Us

Financial Education

We prioritize educating our clients, equipping them with the knowledge to make sound financial decisions for their future success.

Seasoned Experts

Our experienced team offers deep expertise, ensuring reliable and comprehensive solutions for all accounting and tax needs.​

Personalized Solutions

Tailoring our services to each client's unique circumstances, we deliver customized solutions that address specific goals and challenges effectively.​

Modern Approach

Embracing cutting-edge technologies and innovative methods, we provide efficient and forward-thinking accounting and tax services to meet the demands of today's business landscape.​

income-slip:calculator on desk with glasses

FAQ

Payroll account can be registered in various way, via telephone with CRA, through online registration, RC1 form submission or you can engage TMP to assist with the registration by filling this questionnaire.

You are required to register a payroll account in the following scenarios- hiring employees, providing benefits and pensions, payment to non-employees where a T4A is required, and/or payments to Corporate directors.

These withholding taxes are calculated based on prescribed rates outlined by the CRA and provincial finance ministry. Rates may vary based on salary, age, year of payment, and exemptions. There are reliable software and online calculators to determine the accurate payroll deductions.

  • 3% if late by one to three days
  • 5% if late by four or five days
  • 7% if late by six or seven days
  • 10% if more than seven days late or if nothing is remitted
  • Multiple late remittances in a year result in a 20% penalty if knowingly or gross negligence.

Payroll intervals can vary between weekly, biweekly, semi-monthly or even monthly. It is based on the agreement you have with your employees. Most common practice in Canada is biweekly.

Some of the most common information you will need are: Full Name, SIN #, Date of Birth, Address, direct deposit information, Fed and provincial TD1 forms to be filled in.

 Payroll is the process of calculating and distributing employee compensation, including wages, deductions, and taxes. It’s crucial for your Canadian business to ensure that employees are paid accurately and that you comply with tax and labor laws.

Payroll deductions include income tax, Canada Pension Plan (CPP), and Employment Insurance (EI). Deductions are based on employee earnings and tax brackets.

You need to make sure a business number is set-up with the CRA, then a RP account can be registered via mail, phone or online. When registering an RP account you need to have all of the necessary information ready.

“Employees have taxes and deductions withheld, whereas contractors are responsible for managing their own taxes. Misclassifying can result in legal complications. Explore our ‘Employee vs. Contractor’ blog to learn about the key factors to consider.”



  You should keep records of 

  • employee earnings, 
  • payroll deductions,
  • proof of payment,
  • and employment contracts.

The T4 slip summarizes an employee’s income, and deductions in a calendar year. It should be filed annually with the CRA by the end of February.

Each province has its own set of regulations governing statutory holidays and vacation pay, and it’s crucial to adhere to the rules relevant to your specific province. Additionally, the type of pay (hourly or annual salary) can impact these regulations.

Part-time and temporary employees should have payroll deductions calculated based on their earnings, similar to full-time employees.

Yes, many businesses outsource payroll to specialized providers who can handle all aspects of payroll processing

Non-compliance can result in penalties, interest charges, and legal consequences. It’s essential to follow payroll regulations to avoid these issues.

How much will it cost for TMP to take over our payroll process?

Basic

1-3 employees, paystub creation, source deduction calculation, Annual T4 issuance.


$250 / per month

Expert

4-10 employees, paystub creation, source deduction calculation, ROE issuance, CRA representation and Annual T4 issuance.

$650 / per month

Premium

11-20 employees, paystub creation, source deduction calculation, ROE issuance, CRA representation, direct deposit and Annual T4 issuance.

$1,500 / per month

Custom

For more complicated and larger organizations, please fill in the questionnaire

$1,500 +HST

Next Steps

Step 1

Please fill in this questionnaire

Step 2

Schedule a consultation with one of our CPAs to receive a final quote and a checklist of the required data

Step 3

Upload requested data onto cloud folder shared

Let’s collaborate!

Have a question, an idea, or just want to learn more about Triple M Professional Corp.? We’re all ears. Fill out the form or Email us and we’ll connect with you soon.

Markham Office
905-237-6424
675 Cochrane Dr East Tower 6th Floor, Markham, ON, L3R 0B6
Toronto Bay Street Office
416-333-1116
401 Bay Street, 16th Floor Toronto, ON, M5H 2Y4
San Francisco Office
415-366-5667
590 California Street 16th Floor, San Francisco, CA 94104
New York Office
212-651-9101
555 Madison Ave 5th Floor Manhattan,
NY 10022
Toronto King Street West Office
416-333-1116
100 King Street West, Suite 5600, Toronto, ON, M5X 1C9
Markham Office
905-237-6424
675 Cochrane Dr East Tower 6th Floor, Markham, ON, L3R 0B6
Toronto Bay Street Office
416-333-1116
401 Bay Street, 16th Floor Toronto, ON, M5H 2Y4
San Francisco Office
415-366-5667
590 California Street 16th Floor, San Francisco, CA 94104
New York Office
212-651-9101
555 Madison Ave 5th Floor Manhattan,
NY 10022
Toronto King Street West Office
416-333-1116
100 King Street West, Suite 5600, Toronto, ON, M5X 1C9