Why Form 8655 Remit 2024

Hi, my name is Wendy Carlosgey and I'm from Blue Canvas Work Management and Payroll. I'm here today to talk to you about how, as a small business owner, you can do your own payroll. There is a method that you can go online to process your own payroll. So, if you're just a small business owner and you're starting up, you might want to consider this tool in order to pay your employees or a few employees, if you have them at this point. First of all, I'd like to talk to you about one of the standard deductions that you need to be aware of when you're paying employees. This is called the Canada Pension Plan, or CPP for short. Now, the Canada Pension Plan provides a small pension to those who are 60 and older and have been in the workforce. As an employer, you need to pay 4.95% of your employees' payroll into this pool, and the employee also pays 4.95% into this pool. The government keeps these funds until you are able to receive them when you're of age. The pension that you will get at the end of your work life is determined by how much and how long you've been contributing and when you choose to start collecting. The earliest that you can collect CPP is at age sixty. Now, one thing to know is that if you're self-employed and work for yourself, you still contribute to CPP, but you have to pay both the employer and the employee percentages. That means you have to pay 9.9% of your income into the Canada Pension Plan. CPP contributions start at age eighteen, and you continue to contribute into this fund until you're 70. It is voluntary between the ages of 65 and 70. One thing...