Payroll Basics

Getting your payroll set up properly from the start will save you from many complications as your business grows. Payroll doesn't have to be complicated so we've gathered some resources to help you.

Revenue Canada has a simple payroll calculator that you can use online to calculate pay and all the necessary deductions required to meet Revenue Canada requirements.  

Don't forget about WSIB if you are operating a business that require this insurance.  

An important consideration for many small businesses is whether you hire people as contractors or employees.  There are pros and cons of each.
Some resources available to help determine whether your worker is an employee or a contractor:

Want someone else to take care of all your payroll challenges?  There are many payroll services available with a monthly fee, costs vary based on the size and complexity of your payroll. Many of the organizations that support businesses (Chamber of Commerce, Canadian Federation of Independent Business, trade organizations, etc.) get significantly discounted rates for these services. 

MaRS has a great article on Getting ready to set up your payroll.