Each year, payroll professionals are responsible for delivering accurate and timely payment for $1.02 trillion in wages and taxable benefits, and $345 billion in statutory remittances in Canada.
These numbers are astonishing, and this poses the question – during a crisis or periods of uncertainty, what happens with payroll? In this post, we’ll provide excellent resources that address the many questions payroll professionals and business owners may have during a moment of crisis and in more recent cases, COVID-19.
Here are our recommended resources:
We recommend referring to the COVID-19 webpage from the Institute of Professional Bookkeepers of Canada. This page highlights a variety of resources to support small business owners during this period – including new plans and support initiatives being offered by the Canadian Government, health resources and much more. With announcements being published weekly, if not daily this is a great resource to help you stay up to date.
This webpage by the Canadian government is a great resource for business owners, not just during COVID-19, but all year round. Operated at the Federal level, this webpage provides business owners support details in regard to emergency loans, deferring taxes or payments, keeping your employees paid and much, much more. By answering some quick questions about your business, industry, and location, you’ll receive specific results and steps you can take.
This Questions and Answers document by the Canadian Payroll Association is a great resource for all your questions about payrolls, benefits, sick leave, record of employment and more. It highlights the top questions Payroll Professionals receive during a time of crisis and provide clear answers and steps your business can take to ensure you maintain accurate payroll records, during times of uncertainty.
Our last recommended resource is this on-demand webinar from the BDC. This video provides detailed info on how you and your business can cope with the impacts of COVID-19. It highlights what’s next for the North American economy, which government aid plans are available for businesses and how you can take advantage of them, and the road to recovery.
We hope these resources are helpful during this period. Also, stay tuned for our next blog post where we’ll share tips and initiatives to help ensure business continuity.