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A payroll source deduction is the amount of money you have to withhold from your employees and remit to the Canada Revenue Agency. As an employer, you need to know exactly how much money to send to the CRA on your employees' behalf so that you do not get into trouble.
7 Steps to Small Business Payroll in Canada Register with federal agencies. ... Gather employee information. ... Calculate gross wages. ... Calculate and deduct taxes and contributions. ... Reconcile and issue paychecks. ... Remit deductions and taxes to the CRA. ... Generate and share Forms T4.
Income tax ?Income levelThe tax rate that applies (2023)?$1 to $53,359?15 per cent$53,359 to $106,717?20.5 per cent?$106,717 to $165,430?26 per cent$165,430 to $235,675?29 per cent1 more row ?
It is usually made up of these three different 'prices' applied by the service providers: the fee(s) and any taxes for sending the money. the exchange rate applied (when the transaction involves two different currencies) any fee(s) and taxes for receiving the money.
As a business, your remittance schedule for payroll deductions is determined by your average monthly withholding amount (AMWA) ? the sum of all the payroll deductions you paid to the CRA within a calendar year, averaged on a monthly basis.