The term “payroll” is a general term, and it has several meanings. It can be the amount of money paid to all employees in a payday, the financial records of a company relating to the payment of wages and salaries to employees, or the total record of earnings of all employees for a year. In… Read More Payroll

In Saskatchewan, weekly hours of work are set at 40, with daily hours set at either 8 or 10. If employees work more than these set hours, overtime must be paid 1.5 times their regular hourly wage. Of course, you can pay overtime at higher rates. For example: You work for the province’s minimum wage, $10.96/hour, for 46 hours during one particular… Read More Overtime Pay

If you lose your job, you might be eligible for Employment Insurance (EI), a type of coverage which helps people in emergency situations. It provides temporary financial assistance while you look for work or upgrade your skills. Employment Insurance is run by the Government of Canada. Certain situations can make you ineligible to receive Employment… Read More Employment Insurance (EI)

The Canadian Pension Plan (CPP) is one of three levels of Canada’s retirement income system, which is responsible for paying retirement or disability benefits. It was established in 1966 to provide a basic benefits package for retirees and disabled contributors. The CPP pays a monthly amount, which is designed to replace about 25% of the… Read More Canadian Pension Plan (CPP)

Accumulated earnings is the sum of a company’s profits, after dividend payments, since the company’s inception. It can also be called retained earnings, earned surplus, or retained capital. Let’s look at an example to illustrate: Assume Company XYZ has been in business for five years, and it has reported the following annual net income: Year… Read More Accumulated Earnings

A business form used to record details affecting payments made to an employee is called an employee earnings record, which provides a summary of an employee’s earnings and deductions for each pay period. Based on Saskatchewan regulations, the employee earnings record should include: the name of the employer and employee the period for which the… Read More Employee Earnings Record

The total earnings paid to an employee after payroll taxes and other deductions is called net pay. Subtract the total deductions (SEE: payroll deductions post) from total earnings to determine net pay. Based on the average Saskatchewan salary of $52,728, the net pay calculations are as follows: Total income: $ 52,728 Federal tax: $ 5,801… Read More Net Pay

Payroll deductions are amounts withheld from an employee’s payroll check, and these amounts are withheld by their employer. Among these deductions are insurance pension contributions, wage assignments, child support payments, taxes, and union and uniform dues. Allowable Deductions employee contributions to pension plans or registered retirement savings plans employee contributions to other benefit plans charitable donations voluntarily made by the… Read More Payroll Deductions

Employee Income Tax is an amount deducted on total earnings based on one’s earnings. The higher the income, the higher the tax and vice versa. In Saskatchewan, the tax rates and income thresholds for 2018 are as follows: Annual Taxable Income ($)   Provincial Tax Rate (%) $0.00 – $45 225.00           … Read More Employee Income Tax

Withholding Allowance is defined as, “a deduction from total earnings for each person legally supported by a tax payer including the employee.” This means, ie) an employer at Tim Horton’s at the South Albert  location may allow deductions on total earnings if:  “employee contributions to pension plans or registered retirement savings plans; employee contributions to… Read More Withholding Allowance