Shaelene’s Tax Tip of the Week – December 23rd

Did you know?

The RRSP contribution limit for 2021 will increase to $27,830 from the previous limit of $27,230. No need to worry if you don’t have the cash to meet that limit up front. It carries forward until you turn 71, when the RRSP must be used.
 
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How to Pay Source Deduction

  1. Go to My Payment website: https://www.canada.ca/en/revenue-agency/services/e-services/payment-save-time-pay-online.html.
  2. Click “Pay now”
  3. Select “Payroll source deductions”
  4. Select “Regular remittance”
    • If the entity is subjected to Quarterly remittance, select “Quarterly remittance”
    • If paying interest on payroll account, select “Arrears/penalty/interest remittance”
  5. Enter necessary information
    • Account number (ending RP xxxx)
    • Gross payroll
    • Number of Employees
    • Period end
    • Amount
  6. Review the information and click “Confirm and proceed to pay”
  7. Select the bank and proceed payment at bank site.
  8. Print out the confirmation