Initial Set up
You can choose to have Wagepoint remit source deductions on your behalf. They will be collected with every payroll processed in the system.
To set up remittances:
- In the top right corner of the app, go to Settings > Account settings.
- Select the Settings tab.
- In the Company Settings section, find Taxes Remitted For You and toggle YES. Wagepoint will now collect and remit on your behalf.
- Scroll to the bottom of the screen and click Save Changes.
The source deductions will be remitted to Canada Revenue Agency (CRA) or Revenu Québec (RQ) based on your remittance frequency (assigned to the company by the CRA/RQ).
To change the remittance schedule:
- Go to the Company tab at the top of the screen.
- Select Company Info.
- Under the Payroll Details section, find Remittance Schedule.
- Choose the appropriate remittance schedule frequency using the drop-down menu.
- Click Save Changes.
Important Note: Remittances are sent to the CRA based on the pay date of the processed payroll, not the cycle dates. This is per CRA/RQ legislation. For example, if your company has a remittance frequency of non-accelerated (monthly) and you have approved payrolls with pay dates in June, the source deductions will be collected at the time of payroll and remitted for the 15th of July. It can take the CRA/RQ a few days to process the electronic remittance, so you may not see the update on your CRA/RQ account until after the due date.
Need more information reading remittance schedules? Please click here.
Quarterly Remittance Schedule
Although some clients may qualify for a quarterly remittance, at Wagepoint – we remit monthly for all remittance schedules other than those that require accelerated threshold 1 or 2 (click here for threshold explanations). Please choose Non-Accelerated as your frequency if your company has been assigned a quarterly remittance frequency.
Remittance Frequency Changes
The CRA reviews business accounts each calendar year to see if changes need to be made to the remittance schedules. You may receive a letter letting you know to update your remittance frequency, or the CRA may state that the remittance schedules will remain the same. If your frequency needs to be updated:
- After the last payroll of the year (the last one that pays in the current year) has been finalized in the system (final reports are available), and before running the first payroll of the following year (the first one that pays in the new calendar year), you can make the required updates.
Note: Wagepoint does not need a copy of the remittance letter. It is the client’s responsibility to make any necessary updates.
Helpful remittance reports to review
We generate the following reports on a per pay period basis to assist with your reconciliation.
Click the following links to learn more:
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