Payroll Penalties - Outsourcing

You’re going to make mistakes in your business. Some will cost you more than others. Unnecessary errors with payroll and tax filings are a good example that can be crippling, but they are 100% avoidable.

Late remitting of source deductions:

3% after one day, increases to 10% after one week, and penalties can rise to 20% on repeat offenses

Report what you owe to avoid this situation. A team of business advisors can walk you through the process and find tailored solutions.

Incorrect CPP/EI deductions:

10–20% of the difference

The rules governing taxable benefits can be confusing and difficult to understand. Business owners can make mistakes in calculations as they are focused on operations and making sure things are running smoothly.

Failing to withhold CPP/EI could leave you liable for the employee’s share too.

Tardy on the T4s:

Up to $7500

Not filing your T4 slips on time can be costly—and the more slips you miss, the more it may cost you. Ensure you deliver the slips to both the CRA and your employees (or former employees).

Top 3 Penalties

Be mindful of the following payroll and tax errors

Late remitting of source deductions:

3% after one day, increases to 10% after one week, and penalties can rise to 20% on repeat offenses

Incorrect CPP/EI deductions:

10–20% of the difference

Tardy on the T4s:

Up to $7500

Top 3 Penalties

Be mindful of the following payroll and tax errors

Late remitting of source deductions:

3% after one day, increases to 10% after one week, and penalties can rise to 20% on repeat offenses

Incorrect CPP/EI deductions:

10–20% of the difference

Tardy on the T4s:

Up to $7500