Tax Cube streamline your payroll process with our comprehensive services. We handle everything from accurate paycheck processing and tax withholdings to compliance and reporting. Our tailored solutions adapt to your business needs, ensuring efficiency and peace of mind. Partner with us for hassle-free payroll management and focus on what matters most—growing your business!
Choose your Payroll Solution
TaxCube provides a variety of options to suit your unique payroll needs. Read below to learn more about how to do Payroll Your Way…
- Cloud-Based Software - Work from any Internet-enabled location - at a time that's convenient for you.
- Desktop Software - Use our desktop software to keep your payroll in-house and under your control.
- Self-Service Payroll - For a hands-on approach, use self-service to process and manage your payroll.
- Full-Service Payroll - Save time and let us process your payroll, pay your employees, and your CRA remittance.
Easy accounting integration
TaxCube’s recommended software products provide single-click Journal Entry export to integrate easily with your favorite accounting software. The export includes all general ledger transactions and account allocations in an industry-standard .CSV file. We support all accounting programs such as QuickBooks, Sage, Freshbooks, Zoho, Microsoft Dynamics, Xero, and many more.
Complete Payroll Automation
By partnering with TaxCube, our preferred cloud-based and desktop based payroll service, we’ll fully modernize and automate all your payroll functions, including:
- Pay slips that encompass overtime, bonuses, commissions, savings plan contributions, health insurance, paid time off, and Workers’ Compensation
- Canada Pension Plan and Employment Insurance withholdings, along with the employer's remittance portion
- Direct deposit to your employees’ bank accounts
- Income tax withholdings
- Payroll remittances
- T4 summaries and slips
- T4A summaries and slips
- T5 summaries and slips (including reconciliation of slips to the owner’s draw)
- T5018 subcontractor slips / T4A slips
- New employee setup
- Records of Employment for departing employees
We’ll manage every aspect of payroll, from onboarding new employees to handling their departure. Isn’t that much easier and less stressful than your current process?
Time and Attendance system
TaxCube helps clients to search and implement complete solution for Time and Attendance system to cater business needs and maintain discipline environment at workplace. Time is Money!
What are the drawbacks of using a time clock from an office supply store?
While these time clocks are an improvement over handwritten or paper timesheets, they usually only track punches or timestamps. Someone still has to manually calculate hours worked, apply pay rules, and input the data into the payroll system. This manual process can lead to oversights or errors.
In contrast, cloud-based Time and Attendance software streamlines this process by automatically recording data, calculating total hours instantly, and sending it directly to payroll. Additionally, TaxCube’s recommended time clocks provide biometric identification options, allowing employees to clock in and out using fingerprint scans, facial recognition, voice commands, or PIN codes. These features help eliminate “buddy punching,” where one employee clocks in or out for another.
TaxCube recommend Time and Attendance solution considering multiple options by choice of client:
- Automated timesheets calculations
- Seamless payroll integration
- Dashboards
- Manager to-do list
- Mobile-time off request
- GPS tracking
Comprehending Payroll in Canada: A Step-by-Step Guide for Small Businesses
Running a business is challenging, especially when hiring your first employee. Understanding payroll is crucial, as it ensures consistent employee payments. While large companies often have dedicated teams for this, most small business owners manage payroll themselves. This guide will help you navigate payroll management effectively.
Key concepts include:
Payroll is the total compensation for employees over a specific period; it involves calculating pay, deducting taxes and contributions, and paying the employee the remainder; and funds owed to the government or others must be paid regularly. Small businesses can choose to hire payroll experts, calculate manually, or use online services through recommended payroll software.
Payroll Dos and Don’ts
Implementing effective payroll practices is essential for any business. Proper classification of employees is crucial; determine whether someone is an employee or an independent contractor by using the CRA’s four-point test, which evaluates control, tool ownership, chance of profit or loss, and integration. Additionally, decide on a payroll frequency—common options include weekly, biweekly, or monthly.
Here are some key dos and don’ts for payroll management:
Payroll Dos:
Classify Employees Correctly: Ensure accurate classification to avoid legal complications.
Establish Payroll Frequency: Select a consistent schedule for employee payments.
Payroll Don’ts:
Neglect Communication: It’s vital to communicate payroll policies to both new and existing employees. Provide each employee with a handbook detailing payroll processes, classification differences, rights, and how to address potential mistakes.
Skip Pay Stubs: Legally, you must provide employees with a statement of their wages. Consider using electronic or paperless pay statements to minimize printing costs. The most efficient method is to email these statements directly to your employees, ensuring they have easy access to their payroll information.
By following these guidelines, you can streamline your payroll process and ensure compliance.
Setting Up Employee Payroll Information
If you’re new to payroll processing, the first step is to gather your employee’s payroll information. Proper classification is key: determine if the worker is an employee or a contractor. Generally, if you control their working hours, provide the necessary tools, they don’t have a stake in profits or losses beyond their pay, and they are integrated into your company, they are classified as employees.
Once classified, collect essential details, including:
- Social Insurance Number (SIN)
- Province of Employment: This is typically where the employee reports for work or, if remote, the province from which their salary is paid.
- Completed TD1 Form: If they are commission-based, a TD1-X form is required. For employees in Quebec, use the TP-1015.3-V form.
Employees may request adjustments to their income tax deductions on the TD1 form or apply for a letter of authority from the CRA to reduce deductions.
Calculating payroll deductions and remittances
After collecting this information, calculate payroll deductions, which include taxes, insurance, and contributions to programs like the Canada Pension Plan (CPP) and Employment Insurance (EI). The remaining amount is the employee’s net pay.
You can calculate payroll manually with a spreadsheet or free calculator, hire an accountant or payroll specialist, or use payroll software for a quicker, automated process, allowing you to focus on your business.
HR Solutions
TaxCube’s alliances are happy to help client for HR solutions like:
- Contract of employment
- HR Policies
- Employment Standards
- Labour Standards
- Stat Holidays & Pay
- Health and Safety
- Workplace Health & Safety
- OHSA
- Sickness and Leave
- Employee wellbeing
