The greatest asset of your business walks in the door at 9:00am; unfortunately, the greatest liability your business has also walks in the door at 9:00am!
Employees are an integral part of almost every small business, however, treated poorly or outside of the boundaries of employment standards legislation, employees can become a nightmare for you.
Ensuring your employees are paid on time and accurately is very important to the success of your business and your local Ledgers Professional will work with you to ensure that you are meeting the requirements of the Provincial Employment Standards Act.
The Employment Standards Acts cover the minimums that you are to adhere to as an employer and include such items as:
Hours of Work
Overtime and Overtime Pay
Holidays and Holiday Pay
Vacations and Vaction Pay
Maternity / Paternity Leave
Leaves of Absence
Family / Bereavement Leave
There are severat Statutory Deductions that must be made from Employees' pay; these deductions include:
Federal & Provincial Income Taxes
Canada Pension Plan Contributions
Employment Insurance Premiums
Additionally, in some Provinces, you may be requred to deduct Health Taxes and Provincial Pension Contributions.
It is ILLEGAL to deduct any other amount from an employee;s pay without their WRITTEN authorization!
Employers are then required to remit these deductions along with matching contributions to the Canada Revenue Agency (CRA); employers may also be required to pay additional taxes such as Workers Compensation Premiums and Health Insurance Premiums.
Wouldn't it be great if you could offer your employee's a health benefit package while knowing what it will cost you as an employer? Well you can!
With a Health Spending Account Program (HSA) you can offer your employees benefits such as Dental Care, Vision, Prescriptions etc. while determining in advance, how much the plan will cost you.
Most 'benefit' programs can become very costly and very unpredictable with annual premium increases, excluded items, limits on expenditures and hidden costs. An HSA on the other hand covers almost everything prescribed or performed by a Medical Practiioner and has no limit on spending. There are no annual increases (unless you want to increase the benefits) and there are almost no exclusions. Items that are almost always limited or not covered by traditional insurance can be claimed under an HSA. In fact, your employees decide what they want to claim and how much.
These items include:
Eyeglasses / Contact Lenses
The list is long...
Health Spending Accounts are 100% Deductible under the Income Tax Act and are not taxable to the employees!
We are here to help you. If you have a question, concern or compliment, please complete the information to the left and a Ledgers Professional will respond to you as soon as possible.