Federal Budget 2014 will reduce some administration for employers through increased payroll remittance thresholds - Beckley, Bluefield & Lewisburg News, Weather, Sports

Federal Budget 2014 will reduce some administration for employers through increased payroll remittance thresholds

  • Local NewsLocal NewsMore>>

  • Brush Fire Burns on Herndon Mountain

    Brush Fire Burns on Herndon Mountain

    Thursday, April 24 2014 11:09 PM EDT2014-04-25 03:09:30 GMT
    Brush Fire on Herndon Mountain taken by Larry MarrsBrush Fire on Herndon Mountain taken by Larry Marrs
    A large brush fire is burning in Wyoming County Thursday night (4/24). The fire is covering around 160 acres on Herndon Mountain near Garwood and Alpoca.
    A large brush fire is burning in Wyoming County Thursday night (4/24). The fire is covering around 160 acres on Herndon Mountain near Garwood and Alpoca.
  • Gala to be Held for the Restoration of the John Henry Museum and Gift Shop

    Gala to be Held for the Restoration of the John Henry Museum and Gift Shop

    Thursday, April 24 2014 6:53 PM EDT2014-04-24 22:53:29 GMT
    HINTON -- The Hinton Hope Foundation, along with the John Henry Historical Society, are hosting a fundraiser gala on Saturday, May 10 from 5 p.m. to 8 p.m. The proceeds of the event will go towards the renovation of the new John Henry Museum and Gift Shop in Talcott. The gala will be held at the 19th century building, which is the future site of the museum. John Henry memorabilia, historic paintings, and antiques will be up for auction and local bands will provide entertainment.The renovation...
    HINTON -- The Hinton Hope Foundation, along with the John Henry Historical Society, are hosting a fundraiser gala on Saturday, May 10 from 5 p.m. to 8 p.m. The proceeds of the event will go towards the renovation of the new John Henry Museum and Gift Shop in Talcott. The gala will be held at the 19th century building, which is the future site of the museum. John Henry memorabilia, historic paintings, and antiques will be up for auction and local bands will provide entertainment.The renovation...
  • Bud/Alpoca dirty water runs clear, for now?

    Bud/Alpoca dirty water runs clear, for now?

    Thursday, April 24 2014 6:52 PM EDT2014-04-24 22:52:23 GMT
    In Wyoming County, people in Bud and Alpoca have been living without clean water for almost a year.
    In Wyoming County, people in Bud and Alpoca have been living without clean water for almost a year.

Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact pressreleases@worldnow.com.

TORONTO, Feb. 11, 2014 /CNW/ - In his 2014 Federal Budget, Finance Minister Flaherty announced one payroll-related measure that would ease some administration burden for Canadian employers.

Increased payroll remittances thresholds will benefit some employers:

Currently, every employer with an average monthly withholding amount (AMWA) of $15,000 is classified as an accelerated remitter. As well, employers with a $50,000 AMWA are required to remit bi-weekly. Budget 2014 proposes the introduction of increased thresholds for accelerated remitters to $25,000 (from $15,000) and to $100,000 (from $50,000). The Department of Finance has estimated that 50,000 employers will see their required number of remittances cut in half.

"Increased thresholds for accelerated remitters will lower administration costs for some employers that were previously required to remit on a more frequent basis," said Patrick Culhane, President and CEO of the Canadian Payroll Association. "The world has changed dramatically since 1990 and an average payroll remittance of $50,000 per month is no longer a large business."

Despite this measure, the Canadian Payroll Association is disappointed that more payroll-related measures to reduce the financial and administrative burden for employers were not included in the 2014 Budget. The Canadian Payroll Association had advocated that the Federal Government introduce more significant payroll-related measures to support more efficient and effective payroll administration for all stakeholders. For example, enabling employers to provide electronic T4 slips to employees would have reduced paper T4s and saved employers more than $73 million annually.

Some other components of the 2014 Federal Budget that may also affect payroll include:

  • Extending changes to the pension transfer limits
  • Enhanced access to sickness benefits
  • Strengthening compliance with GST/HST registration

Canada's 1.5 million employers annually produce more than 26 million T4 slips, 10 million T4As and nearly 7 million RL-1s in Quebec. They annually pay $860 billion in wages and benefits, $268 billion in federal and provincial statutory remittances and $94 billion in health and retirement benefits, while complying with more than 190 federal and provincial regulatory requirements.

The Canadian Payroll Association has been advocating for more efficient payroll legislative processes for Canadian employers since 1978. The Association's advocacy and education programs provide the legislative compliance content used in the payroll processing and remitting systems of over five hundred thousand small, medium and large employers.  The Canadian Payroll Association's 18,500 members include 90 of Canada's top 100 companies, as well as Canada's payroll service and software providers. Canadian organizations seek and value the expertise of Canadian Payroll Association members to be compliant and contribute to their goals.

For more information on the Canadian Payroll Association's Professional Development Seminars, Certification Programs and Benefits of Organizational or Professional Membership, visit payroll.ca.

CPA representatives are available for Budget 2014 commentary.

SOURCE Canadian Payroll Association

Image with caption: "The Canadian Payroll Association would have liked to see more payroll-related measures in Federal Budget 2014 to reduce the financial and administrative burden for employers. Canada's 1.5 million employers annually pay $860 billion in wages and benefits, $268 billion in federal and provincial statutory remittances and $94 billion in health and retirement benefits, while complying with more than 190 federal and provincial regulatory requirements. (CNW Group/Canadian Payroll Association)". Image available at: http://photos.newswire.ca/images/download/20140211_C9447_PHOTO_EN_36587.jpg

©2012 PR Newswire. All Rights Reserved.