Calgary Tax Consulting provides professional tax wage analysis services in Calgary for businesses and employers across The Beltline, Bridgeland, Mission, Panorama Hills, Evergreen, and NW Calgary. Our Calgary CPA team reviews your employee wages, source deductions, CPP and EI calculations, T4 accuracy, and CRA payroll remittance obligations to ensure your payroll is correct, compliant, and protected from costly CRA penalties.
Wage Analysis (Bonus vs. Wages vs. Dividends)
Bonuses? Wages? Dividends?
How are you as the owner of your business paying yourself and are you doing it in the least taxable way possible?
Have you ever wondered to pay yourself salary or a dividend and how much?
How could you minimize tax exposure by splitting you income with your family members and how much?
What is capital gains and when and how to trigger it?
Your CTC tax specialist will discuss all of the options available to you to insure you are given every advantage to further reduce your tax burden.
Most Calgary business owners assume their payroll is running correctly because employees are getting paid on time. Payroll accuracy and payroll compliance are two completely different things. An employee receiving the right net pay every two weeks does not mean your source deductions are calculated correctly, your CPP contributions are hitting the right boxes on the T4, or your EI premiums are being remitted at the correct employer rate of 2.32% against the employee rate of 1.66%.
The CRA holds employers personally accountable for every dollar of unremitted source deductions. Under the trust condition on payroll deductions, CPP, EI, and income tax withheld from employee wages are considered government funds the moment they are deducted. If those amounts are not remitted correctly and on time, the CRA can assess penalties ranging from 3% for one to three days late up to 10% for amounts that are seven or more days overdue, with arrears interest compounding daily on top of the penalty.
At Calgary Tax Consulting, our professional tax accountants in Calgary conduct a thorough tax wage analysis that uncovers errors in taxable benefit reporting, automobile benefit calculations including standby charge and operating cost benefit, unreported retiring allowance amounts, incorrect treatment of bonuses and overtime wages, and employee versus independent contractor misclassification under the RC4110 common law employee test. Each of these errors carries its own CRA audit risk and penalty exposure that our Calgary CPA team identifies and resolves before the CRA ever raises a flag.
Calgary Tax Consulting delivers comprehensive tax wage analysis services in Calgary for businesses and employers across every industry and company size. From small business owners managing their first hire to established corporations running multi employee payroll across several locations, our professional tax accountants in Calgary bring the same level of precision and CRA compliance oversight to every payroll file we review.
Our tax wage analysis service covers the complete payroll picture. We verify gross wages and net wage calculations, review CPP contributions against the 2024 maximum pensionable earnings threshold of $68,500 and CPP2 enhanced contributions on earnings between $68,500 and $73,200, confirm EI premiums against the maximum insurable earnings of $63,200, and cross reference every source deduction against the amounts reported on your PD7A monthly remittance statement. Every T4 slip gets reviewed box by box, including Box 14 employment income, Box 16 CPP contributions, Box 18 EI premiums, and Box 22 income tax deducted, before your T4 Summary is filed with the CRA by the February 28th deadline.
For employers managing more complex compensation structures, our Calgary CPA team reviews shareholder employee salary versus dividend decisions, group RRSP employer contributions, defined benefit and defined contribution pension plan reporting, stock option benefit calculations, and tips and gratuities taxation to ensure every element of your employee compensation is correctly reported and CRA compliant. We also verify your WCB Alberta premium calculations, vacation pay obligations, statutory holiday pay, and overtime pay rules under the Alberta Employment Standards Code to make sure your payroll obligations are fully covered on every front.
Payroll errors rarely announce themselves. They accumulate quietly across pay periods, compounding into a CRA liability that only surfaces when the agency runs a matching program against your T4 slips, wage reporting records, remittance history, and PD7A statements. By the time the CRA contacts your business, the penalty exposure, interest charges, and administrative burden of responding to a payroll audit are already significantly larger than the original error ever was.
Calgary Tax Consulting’s tax wage analysis service is built specifically to catch these errors before they reach that point. Our professional tax accountants in Calgary review your CRA payroll account RP number setup, confirm your remitter type classification as a regular remitter, accelerated remitter, Threshold 1 remitter with twice monthly obligations, or Threshold 2 remitter with same day or next day remittance requirements, and verify that your actual remittance history inside CRA My Business Account matches your assigned schedule.
TD1 federal and TD1AB Alberta personal tax credits return collection for every active employee gets reviewed as well, along with ROE filings to confirm they are submitted within five calendar days of an interruption of earnings, and PDOC payroll deductions online calculator outputs verified against what is actually being remitted to the CRA each period. For businesses that have fallen behind or made historical payroll errors, our Calgary CPA team prepares and submits voluntary disclosure applications through the CRA Voluntary Disclosures Program to reduce penalties and resolve outstanding payroll liabilities before a formal audit begins.
Our team includes designated and skilled professionals from CPA Alberta
Our team provides best practices and efficient strategic planning for your business.
We verify your CPP, EI, and income tax source deductions against your PD7A remittance history and CRA payroll account to catch underpayments, classification errors, and late remittance penalties before they escalate.
Every T4 slip gets reviewed box by box covering employment income, CPP contributions, EI premiums, and income tax deducted before your T4 Summary is filed with the CRA by the February 28th deadline.
We identify employee versus independent contractor misclassification errors under the RC4110 common law test, protecting your business from retroactive CPP and EI assessments, gross negligence penalties, and CRA audit exposure.
For businesses with historical payroll errors, unreported taxable benefits, or missed remittances, our Calgary CPA team prepares and submits CRA Voluntary Disclosures Program applications to resolve outstanding liabilities and reduce penalties.
