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Payroll
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CRA Source Deductions
Be on time or pay the fine.
The penalty for failing to remit your source deductions to the Canada Revenue Agency in a timely fashion can range from:
- three per cent if the amount owing is one-to-three days late;
- five per cent if it's four or five days late;
- seven per cent if it's six or seven days late; and
- 10 per cent if it's more than seven days late.
Further, the CRA can also assess a penalty of 10 per cent, and up to 20 per cent, when:
- you with-hold the deductions but fail to remit them; or
- the amount you remitted is past the due date.
Of course, as an IBEX client, you don't have to worry about remitting your source deductions on time; it's a part of what we do.
Outsourcing your payroll saves you more than a lot of time and a little frustration; it can save you hundreds, sometimes thousands, of dollars in late payment fines while reducing your stress level and keeping you in the good books with our friends at the CRA.
Visit our Solutions page to find out more about IBEX or contact Terry Harrison by
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
or give him a call at 204.478.3700 x211, t.f. 800.335.0039 x211. |
