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Inside Internal Controls

News and discussion on implementing risk management

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Payroll

Expanded Employer Health Tax exemption for charities with multiple locations

As of January 1, 2017, the Employer Health Tax rules specific to charities have undergone a significant change that will benefit certain charities with multiple locations: If a registered charity has more than one “qualifying campus”, it can claim an Employer Health Tax exemption amount for each one of them separately.

 

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Ministry of Finance accepting comments on new Employer Health Tax rules for charities

The Ontario Ministry of Finance is proposing a new regulation under the Employer Health Tax Act, to include special Employer Health Tax rules for registered charities. The new regulation could be effective as early as January 1, 2017.

 

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An expanded Canada Pension Plan (and a very questionable future for the Ontario Retirement Pension Plan)

The Ontario Retirement Pension Plan (ORPP) seemed like a sure thing—until it wasn’t. On June 20, 2016, Bill Morneau, the federal Minister of Finance, and eight of ten provincial finance ministers did what many to this point thought was impossible: reach an agreement in principle to expand the Canada Pension Plan (CPP).

 

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Federal Budget 2016 at a glance: A business perspective

On March 22, 2016, the new Liberal Government’s first federal budget, Growing the Middle Class (“Budget 2016”), was tabled. Budget 2016 focuses on growing the economy, creating jobs, and strengthening the middle class.

 

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Employers’ financial difficulties irrelevant when calculating notice periods

Compared to employment, business ownership can offer independence and control, but can also create inescapable financial and other obligations. Salaries and other expenses must be paid regardless of how poorly the business does. The inescapable obligation to pay the appropriate notice pay when employees are terminated, was recently the subject of an Ontario Court of Appeal case.

 

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Payroll’s impact in the accounting cycle

From an accounting perspective, payroll is straightforward — or at least that is what some accountants and auditors think!

 

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Payroll accounting – What you don’t account for can hurt you

Payroll is one of the largest single expenses of an organization. Without proper accounting controls in place, money could be misappropriated and false expense claims processed. For this reason, employers must intimately understand their payroll costs, and know how to control and predict them.

 

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Volunteering for a charity is rewarding – But brings its own hazards

Volunteering for a charity can be a rewarding way to help out in the community but it can bring with it a number of legal responsibilities. Legal responsibility is often assigned on the basis of the role an individual serves within an organization. Volunteering, though, can muddy the waters about the position of the individual within an organization. This is particularly true in circumstances where the charity does not keep corporate records of its directors.

 

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Can an employee request access to their personnel and payroll files?

In Canada, employees have the right to access information in their personnel and payroll files, provided that it does not interfere with another employee’s privacy rights.

 

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Private member’s Bill proposes an extension for the use of tax receipts

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Most Canadians are aware of the effect that RRSP contributions have on their taxes, and are aware of the deadline for making contributions each year. This is mostly due to the educational efforts of the banks and others that ‘sell’ RRSPs make each year – as the March 1st (or February 29th as the case may be) deadline approaches. The run for RRSPs each year illustrate that when Canadians understand the incentive system they are quite prepared to alter their behaviour to take advantage of it.

 

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Providing tax-free shares to forgo employment rights

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Interesting employment law developments are happening in the UK. Beginning in April 2013, British employees will be offered a new option in employment contracts, where they may own shares in the company they work for and in exchange, will forgo certain workers’ rights.

 

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