How Wave accounting handles payroll and tax for Canadian customers

Wave

All-in-one accounting, invoicing, payroll, payments & receipt management

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How Wave accounting handles payroll and tax for Canadian customers

Video Transcript

Speakers in this video: Jimmy (GetApp) and Rob (Wave)

Rob: Payroll by Wave Canada is a great payroll product for the small business owner. We do focus on the one to nine employee markets, but again, we have a number of employers that are in the ten, 20, 30 employee range. They have nothing but good things to say about this product. It really - as long as you don't have a very complicated payroll needs, this is a great product for you. In Canada, it's really a delightful experience. Once you've added your employees, it's just a matter of two clicks to approve a payroll. Once you've done so, you can take a peak at the pay stubs. As far as the tax portion goes in Canada, it's absolutely a breeze. Once you've applied for a direct deposit and been approved, we will handle all remits - provincial and federal remittances, whatever province you're in to the CRA. The way that works is that the CRA then distributes it to the provinces as well. All you have to do when you sign up for Wave is go to your tax profile. Let us know how frequently you file whether it be monthly, threshold one which is twice a month and threshold two which is twice a week. For 99% of our users, we're finding it's monthly, but again, you can contact the CRA if you're uncertain. Once you've done that, assuming you have direct deposit on, when you approve a payroll, we will pull all the funds from your account. That's both the employee wages, the employee's portion of taxes we will pull from you but we will hold on to and forward to the CRA, and we will also do that with your share of taxes. Based on the payment frequency that you've set here in the tax profile, we will remit those taxes to the CRA. With this, you don't have to worry about filling out the PD7A once a month and letting the CRA know how much you paid in wages. It really just makes the whole tax payment and filing process a breeze. All that's left for you to do when we're handling remittances for you is year end filings. We do have some exciting developments in the pipeline there. The 2015 filing season is going to be easier than ever. We're shooting for a one-click filing. All you're going to have to do is log in, review, generate your year-end forms, and if all goes well, you'll just be able to click in-app and fire off the year-end filing to the CRA. What else that is really nice about our Canadian product is we will handle RoEs for you. That is Records of Employment. Any time you let an employee go in Canada, you have to fill out this record of employment detailing the wages you paid out to them as well as the hours they worked in the past year up to the year of employment with you. The reason for this is so that the employment people can accurately calculate EI, or Employment Insurance, to pay to this former employee, should they qualify. Not something you want to worry about in the stressful time when you might be terminating an employee. We've, again, tried to make your life simpler. There's a form you have to fill out that authorizes us to issue RoEs on your behalf. Takes about two minutes to fill out. Once again, it's all in-app so you can digitally sign it. Once you've done so, it's a simple matter of when you go to terminate an employee. You can click this "Issue RoE" button. It will take you to a screen, as you a couple questions that we are required to fill out to RoE, then we will get that issued on your behalf so that your employee can collect EI in a timely fashion should they require and once again, it's just a great time saver. People love the piece of mind of knowing that once they've logged into Wave to terminate that employee, everything is taken care of. They know the RoE will be issued in a couple days. Really, really great value.