Payroll Services

Payroll Services

At Master Accountants, our payroll services are comprehensive covering all and every aspect of payroll administration.  All you need to do is to provide payroll information for each pay period

Payroll information includes particulars of new and departing employees, hours worked, and other related information. We customize our payroll solutions to meet your specific business needs. We can also assist you in implementing a reliable, efficient, and effective payroll system that is right for you. Our firm can also prepare all necessary payroll tax returns in compliance with the legal requirements.

Managing payroll may not seem like a critical task until something goes wrong. It can be time-consuming, but, more importantly, it requires a good knowledge of the tax laws and CRA regulations as well as relating provincial laws and regulations. In addition to preparing paychecks and paycheck stubs, a professional payroll service completes the payroll process which includes preparation and filing of payroll returns federally and provincially as well as keeping account of and timely payment of payroll taxes.  The illustration below shows the process in preparation of each pay period information. Preparation and filling of T4s and T4 summary and reconciliation of same to financial records is also part and parcel of payroll administration.

Full Payroll Services include:

  • Full cycle gross-to-net processing
  • Source deductions filing and remittances
  • Check preparation or direct deposit to employees
  • Electronic distribution of pay stubs to employees
  • Record of Employment (ROE) preparation and filing
  • Year-end included: T4/T4A preparation and filing
  • Payroll data entry, system configuration, testing and validation
  • WSIB, and EHT preparation and filing
  • T4, T4A, and T5018 preparation and filing
  • Reports and recordkeeping