Advanced Payroll for Small Business
Bookkeeping and Accounting
By: Evelyn Jacks
PROGRAM: Bookkeeping Services Specialist
The technical side of payroll, if done incorrectly, can cost the employer or the employee money, not to mention incur penalties with the Canada Revenue Agency. Advanced Payroll will help you become a more astute compliance manager to ensure payroll is more than simply accurate. It will also allow you to assist your client to be shrewd in negotiating employment contracts to the after-tax benefits of the employees of the firm, which could include family members.
CONTENT DESCRIPTION & KEY CONCEPTS:
It should go without saying that bookkeepers must be able to produce an accurate payroll on time, every time. However, this course takes the student further, teaching completion of a full payroll cycle, TD1/T1213 form completion, accounting for statutory and non-statutory deductions, taxable and non-taxable perks and benefits, T4 slip preparation, for any business within Sage 50 and QuickBooks desktop. Quickbooks Online is not available for this course.
This course provides the student with:
- Access to excellent reference materials from CRA and EverGreen Explanatory Notes
- Access to the latest versions of Sage 50 and QuickBooks Desktop software programs
- Up to date information as the course material is updated when changes to the information become available. This includes changes to legislation, rates used in payroll calculations, and changes to CRA forms.
CERTIFIED SKILLSETS: The student will be able to produce a payroll run for any payroll period, for a payroll of any level of complexity and understand and calculate all employer remittances for deductions taken at source, while fully understanding the consequences of non-compliance. Specifically the student will:
- Understand the compliance requirements federally and under provincial Employment Standards Codes in their area of operation;
- Complete TD1 - Personal Tax Credit Return form, T1213– Request to reduce Taxes at Source form, with a view to reducing withholding taxes which can be used to increase private pension contributions (RRSP, PRPP);
- Account for a variety of compensation plans including hourly wages, salary, commissions, piecework, bonuses, retroactive payments, and vacation pay;
- Account for an extensive list of taxable and non-taxable benefits’;
- Account for differences in pay structure for workplaces governed by a union;
- • Provide tax-specific information required by certain profiles including commission salespeople, northern residents, truckers, trades people and executives;
- Account for termination pay, Records of Employment, T4, T4 Summary, workers' compensation, employer health taxes, other public health care plans;
PRACTICE MANAGEMENT THESIS: Formal Case Study. This comprehensive review requires accurate payroll completion for a sample company, including preparing T4 slips.
KNOWLEDGE BUREAU TOOLS INCLUDED: