Monthly CPP, EI Remittances, and Payroll Taxes
Canada Pension Plan, Employment Insurance, and Payroll Tax remittances are necessary costs of being an employer or an employee in Canada.
Nanny Tax takes care of calculating CPP, EI, Payroll Tax costs, as well as recording and paying the correct amounts to the Canada Revenue Agency regularly.
Taxable Benefits of Room and Board
Do you have a live-in nanny or elder-care giver living under your roof? If you do, their room and board may be considered taxable benefits by the Canada Revenue Agency. As an employer understanding how the CRA views this complicated benefit is essential to providing your employees with the fairest compensation plan possible.
Nanny Tax will assist you to calculate the correct taxable benefits of the lodging and food you offer your live-in employee to be certain there are no surprises for either of you in the future.
Taxable Benefits for Out of Home, Live-Out Caregivers
Do you pay your child or elder caregiver an automobile benefit or allowance for the use of their vehicles? Do you offer them stipends for transportation, a bus pass, or other expenses that might arise in the course of their employment? Some of those payments might be considered taxable benefits by the Canada Revenue Agency.
Take the guess work out of calculating taxable benefits and let Nanny Tax take care of yours and your caregiver’s CRA obligations.
Generating T4 and T4 Summaries at Tax Time
The T4 and T4 Summary are among the most important documents an employer owes their employee and the Canada Revenue Agency. These documents form the basis of your employees’ tax returns and of your remittances to the CRA.
Nanny Tax calculates, formats, prepares, and submits the T4 and T4 Summary documents for you, saving hours of work and unnecessary stress around tax time.
Completing Record of Employment Forms
Employment contracts and engagements end. When it is time for your child care worker or elder caregiver to move on, you need to supply them and Service Canada with a Record of Employment. The ROE details the time of the employment engagement and sets a definite end date for Employment Insurance purposes.
Nanny Tax can prepare and submit your records of employment for you, saving hours of time and unnecessary stress associated with Service Canada paperwork.