This article applies to Payroll by Wave in Canada.
The take away: As an employer, you must remit to the government the taxes you take off your employees' paycheques.
You have three options when it comes to payroll taxes: Wage & Tax Report, Remittances, and Tax Forms. Let's go over each one!
Wage & Tax Report
Head over to the Reports tab in the left navigation menu to access the Wage & Tax Report. This report will give you an option to choose the date range. From the drop-down, you can select Other (if you want to choose from the calendar pickers), Current Quarter, or Previous Quarter.
For any date range, the report provides you with a breakdown of the taxes that are taken off a paycheque (Federal, Provincial, EI, CPP) as well as what the employee has contributed, what you have contributed, what is still owing to the government (the tax liability), and all hours accumulated for this date range.
Below is an example report for the Current quarter.
At the top of the page, you have the option to Export this report as PDF for your own records.
An important note: To send remittances, you must have registered your business with the CRA. See more information on the CRA website for Business Number Registration. When you register, you'll receive all sorts of useful information, such as your remittance schedule and CRA remittance due dates.
To access this page click Payroll, then Taxes in the left navigation menu. This tab shows the information to fill out your CRA remittance voucher, or, allows you to sign up so Wave can handle your remittances for you.
Handling your own remittances
The Remittances page will be blank until you run payroll. Once you run a payroll, there will be date options to select at the bottom of the page.
Once you click on a date, you'll see the numbers you need to fill out the CRA remittance voucher.
Wave handling your remittances for you
Sometimes it's nice to just not worry and know that Wave has got your back. For no extra charge, Wave will handle your remittance payments. To set this up, go to the Remittance page and you will see a block of text at the top saying Click here to have Wave handle remittances for you.
This will bring you to a page to set up Direct Deposit.
Why do I need to set up direct deposit?
Setting up direct deposit allows Wave to withdraw the remittance amount from your bank account and pay the government for you. For more information, check out the getting started article on setting up payroll direct deposit for the first time.
Once you have completed the steps to set up direct deposit with VersaPay, you will be brought to a Funds transfer information page. Here, you'll be asked the Remittance frequency, with options of Monthly, Threshold 1, and Threshold 2. This information should have been given to you by the CRA when you registered your business. See more about CRA remittance due dates.
Finally, Wave needs your CRA payroll account number (you get this when you register your business with the CRA). If you have this number, go to the Tasks & Events page and select Provide it in the CRA business number box.
Or, you can click the gear icon and select General info to enter your business number.
Still want to learn more? The CRA offers tons of information about payroll in Canada. Check out this resource from the CRA Employer Guide: Payroll Deductions and Remittances
Last but not least, Wave can generate the information you need for T4s at the end of each year. Head over to Payroll, then Tax Forms in the left navigation menu to access the T4s.
You must give your employees their T4 slips by the last day of February for the previous year. For example, you must give employees their T4s by February 28, 2018 for any time they worked for you in 2017.
For more in-depth information on T4s, check out How to generate a T4.
That's the Taxes tab! We covered a lot of information, but check out the links to the CRA and you'll be up and running in no time.