Levelup payroll solutions
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Frequently Asked Questions
Q: Could I avoid payroll and just hire someone on contract? A: You certainly could! Just be aware that the Canada Revenue agency is very strict on who is considered a self employed contractor and who is considered an employee. If you are considering hiring someone on a contract basis, it's very important you know the difference. Hiring someone on contract when they should be an employee could result in penalties, fines and interest on overdue payroll taxes.
Q: LEVELUP doesn't require ANY payroll software or upgrades? A: Adding payroll software to your system comes at a cost to you. Payroll software (no matter how cheap and easy to use) still requires a person to learn how to use it and process the payroll. This person is usually you or in house staff. LEVELUP saves you the time and cost associated with adding or purchasing payroll software to your current systems AND we do the payroll processing too! We adapt to you.
Q: LEVELUP offers first time employer guidance, what does this mean? A: We do a quick assessment of your needs and guide you through the process of setting yourself up to become a first time employer. This might involve helping you set up a Business number or certain program tax accounts. It might also involve guiding you through any other tax or insurance agencies you need to register with in your province.
Q: I'm self employed and considering hiring someone, where do I start? A: Congrats! If you are not incorporated or don't already have a Business number (BN) with the CRA then you will have to get one. The easiest way do this if you are operating under your own name, is at the Canada Revenue Agency, through the Business Registration Online (BRO) linkhttps://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/registering-your-business/bro-register.html. If your business operates under another name other than your own, you have to register first with your province, (eg BC Registries or Service Ontario) If you register with BC registries they automatically register you with the CRA while Service Ontario will direct you to the CRA, BRO registry. Once you've got your business number you can open a payroll tax account for your business. There are other tax and insurance agencies you are required to open accounts with as an employer specific to your province such as, workers compensation board (WCB) which covers work related injury. Employers in some provinces with yearly payrolls exceeding 1,000,000. are required to pay Employee Heath Tax (EHT) Check if your province has EHT and if you are required to pay.
Q: Does LEVELUP provide other tax or bookkeeping services? A: Of course! We specialize in Payroll but we also provide other bookkeeping and tax services. If you don't already have an accountant to handle your year end tax returns, LEVELUP partners with trusted, reputable CPAs to ensure your year-end tax filings are handled accurately and efficiently. So if you're looking for a one- stop- shop, we've got you covered!
Q: Are those really your prices? Am I going to get billed for fees I didn't expect? A: Yes, those are our actual prices. Once you accept our quote you will be sent an order summary. It will clearly detail the items you will be billed for monthly. There will be no hidden fees or surprises on your invoices. If you request any one time or add on services, you will be informed at the time of the request whether it will effect your monthly invoice.
Q: How does your service work? What should I expect? A: Once we get a quote request, if we need additional information we will send out a client assessment form. It's at this point we determine whether you need additional guidance to get ready for hiring employees. We send you a quote and then if you like what you see and approve it, we send you out an order summary showing a list of the services we will provide for the price on your quote. We will also need to collect information about your company and your employees in order to set them up on your payroll. Once you are all set up, 1 day before your payroll is due to be processed we send email notification that payroll reports are due or that there will be a payroll run in 1 business day. If your employee(s) are paid hourly, you would send us any time sheets within 24 hours, and if you pay salary this allows you to alert us of any changes before we run your payroll. After processing we send you paystubs to distribute to your employee(s), a payroll register showing the list of payments due to the employees, and a list of journal entries that you can enter into your own system or keep on record. Periodically we will also send Payroll Tax reports (PD7A) reports, WCB reports, EHT reports payment amounts and due dates. We send these reports based on how often the CRA or other agencies require reports and payments.
Q: Do you file any reports or is that my responsibility. A: Only T4 slips and Summaries filing is included in our packages. We offer Payroll Tax filing(PD7A), WCB and EHT filing services if they are needed. We also require access to these accounts as an authorized representative in order to file on your behalf.
Q: Do you handle payments? A: Yes we do, however our packages do not include payment services. Payment amounts and due dates, for payroll taxes and employees are in the reports that are sent to you each period, but you are responsible for making payments before they are due. We also offer direct deposit for 1.00 each for employees and can make tax payments for our clients, if you need this service please let us know.
Q: I do business from a remote location, does it matter ? A: LEVELUP only does Canadian payroll, but you can live and work anywhere in Canada, even the most remote location. As long as you have an internet connection and the ability to send/receive emails, then we're good to go!