This page brings you a tutorial video to demonstrate how small business owners calculate payroll taxes (CPP, EI, income tax) and how to pay them to CRA.
What you need to know is:
- Please use this federal government calculator at least once a year. Because the annual personal income tax rate and EI P-Ratre may be slightly different, the figures from this year cannot be carried on to next year.
- There are many ways to pay CRA. Many business owners like to use the tax payment service that comes with their banks, which is no problem. The only thing to is that: For example, if you pay the CRA on the last day of the deadline, if you use the service of your bank, the actual transaction date would be at least one business day later which will cause a late penalty or interest; but if you use “CRA My Payment” shown in the following video, even if the payment is triggered on the last day, it is to be paid on the same day.
Danny Chen, Director & COO, JKtax Inc.
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