Accessible Bookkeeping Victoria BC - How To Keep Payroll Records In British Columbia

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Accessible Bookkeeping

Victoria, BC British Columbia Canada V8P 2L5

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Payroll Records
If you deduct Canada Pension Plan (CPP) contributions, Employment Insurance (EI) premiums, or income tax from remuneration or other amounts you pay, you must keep records of:

the hours worked by each employee; and the CPP contributions, EI premiums, or taxes that you withheld. You also have to keep the following documents:

Form TD1, Personal Tax Credits Return, which all employees have to complete; Canada Revenue Agency letters of authority that let you reduce the tax deductions for certain employees for a specific year; and all information slips issued and all returns filed. You must keep all these records so that we can verify or review them, on request.

Businesses that use service bureaus, payroll providers, or similar institutions to handle payroll functions are still responsible for keeping records for the time period specified, generally six years. Payroll records can be kept in either paper or electronic format. We recommend that you keep electronic copies of your records at your business location.

Accessible Bookkeeping 413 - 1095 McKenzie Ave. Victoria BC, British Columbia Canada V8P 2L5 (250) 704.4426