2. Legislation Can Be Complex
Clinic owners wear multiple hats from leader, technical expert and planner, to strategist and marketer. The list is endless when you’re an entrepreneur. But some tasks require expertise that is tied to legislation, and not doing things correctly can cost you. Payroll is one of the tasks that should be taken off your plate as soon as possible.
Some of the common complexities that come with payroll legislation include:
How much CPP and EI to deduct from the paychecks of full-time employees, as well as how much CPP and EI to contribute as the employer.
How to calculate vacation pay and when to issue termination pay (which can differ from province to province and lead to legal ramifications if not done properly).
How and when to file the Record of Employment (ROE) of employees who leave.
How and when to issue T4s (or T4As for contractors) and handle vacation rollover.