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Gary Booth Chartered Professional Accountants, Chartered Accountants | Ontario, Toronto, Mississauga - Chartered Accountant Canada GARY BOOTH
CHARTERED PROFESSIONAL ACCOUNTANTS,
CHARTERED ACCOUNTANTS
 
   

TAX TIPS - PAYROLL GUIDE

 
Payroll Guide - Gary Booth Chartered Professional Accountants, Chartered Accountants - Chartered Accountants Etobicoke
TAX TIPS - FILING YOUR INCOME TAX TAX TIPS - TAX INFO CHECKLIST TAX TIPS - PAYROLL GUIDE TAX TIPS - RRSP GUIDE
 

Ontario - Minimum Wage Guide: January 2017
  • Hourly Rate - $11.40/hr
  • Under 18 - $10.70/hr
  • Home Workers $12.25/hr
  • Liquor Server $9.90
Statutory Holidays:
  • New Year
  • Good Friday
  • Victoria Day
  • Canada Day
  • Civic Holiday
  • Labour Day
  • Thanksgiving Day
  • Christmas Day
  • Boxing Day
  • Family Day

Minimum Daily Pay - Call In:

  • 3 hours

Employer Health Tax:

Total Ontario Annual Remuneration - Rate

  • Less than or equal to $450,000 - nil%
  • More than $450,000 - 1.95%
 

Overtime Pay:

  • Time + 1/2 over 44 hrs/week (certain jobs are exempt from overtime provisions)

Workplace Safety & Insurance Board web site.

Maximum Assessable Amounts for 2017 - $88,500

Minimum Vacation with Pay:
  • 2 weeks

Canada Pension Plan for 2017:

  • Year's Maximum Pensionable Earnings - $55,300
  • Annual Basic Exemption - $3,500
  • Contribution Rate - $4.95%
  • Maximum Contribution - $2,564

 

Minimum Vacation Pay During First Year and on Termination:
  • 4% of annual earnings

Employment Insurance for:

  • Years' Maximum Insurable Earnings $51,300
  • Contribution - 1.63%
  • Maximum Contribution - $832.19

Reporting Requirements (Payroll):

See Federal and Provincial Tax Tables

Payroll Remittances:

  • 15th of the following month, unless a larger employer (average remittances more than $15,000 must file semi-monthly on the 10th and 25th
  • Average remittance of more than $50,000 must file weekly on the 3rd day after the pay period

Annual T4 Summary and Supplementaries:

  • Last day of February of the following year

Annual T5 Statement of Income and Supplementaries:

  • Last day of February of the following year

Workplace Safety and Insurance Board:

  • Generally by the end of the following month, however certain smaller business may , upon permission report less frequently
  • Annual Return to be filed by March 15th of the following year



 
Employee Benefits and Allowances - The following are a few of the taxable benefits and allowances provided by employers to employees:  
Item
Taxable
CPP
EI
Employees personal use of employer provided automobile
Yes
Yes

No

 

Reasonable automobile allowance for use of employee vehicle (i.e. based on reasonable rate per km for business km's driven

 

No
No
No

Payment or reimbursement of professional membership dues if a condition of employment

 

No
No
No*

Special occasion gift or non-cash reward to an employee of $500 or less

 

No**
No**
No**

Club memberships where the employee is the one who primarily benefits

 

Yes
Yes
No*
Group term life insurance policies with premium paid by employer
Yes
Yes

No*

 

Dental and health care premiums paid by employer
No
No

No

 

Free or subsidized board and lodging not at a remote location
Yes
Yes

No*

 

Long and short-term disability premiums paid by employer to a group plan
No
No

No

 

Registered Retirement Savings Plan contribution by employer
Yes
Yes

Yes

 

Retiring allowances (to be reported on a T4A supplementary)
Yes
No

No

 


* If any of the above are paid in cash to the employee than the amount would be subject to Employment Insurance.

** This does not apply to cash or near cash gifts. Cash or near cash gifts will be considered taxable, pensionable and insurable. Near cash gifts include gift certificates, gold nuggets and any items easily converted to cash.

 
   
 
Gary Booth Chartered Professional Accountants, Chartered Accountants
555 Burnhamthorpe Rd. - Suite 406, Toronto, ON, M9C 2Y3
Tel. No. 416-626-2727 - Fax No. 416-621-7136 - email: admin@garybooth.com

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Disclaimer: The data on this website is for information purposes only. We take no responsibility for any errors. Individual circumstances
can affect taxes paid. Consult with your accountant or advisor before using / implementing any of this information.
 
 
 
 
 
Gary Booth - Owner, Gary Booth CA Professional Corp