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What can the CRA do if you do not pay the amounts held in trust? If the deemed trust amounts are not paid in time, the CRA can take several actions including garnishing bank accounts, accounts receivable, and any other income sources, seizing and selling assets, and using other legal actions to collect amounts owing. What happens if your business has a deemed trust debt with the CRA? If your business have a deemed trust debt owing to the CRA, the amount of the debt becomes secured to the CRA over all your assets, regardless of any security interest you may...
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What are deemed trusts? Deemed trust amounts include amounts that an employer deducts and withholds from the wages of the employees and GST/HST amounts that are collected by businesses from customers.   These amounts are important sources of revenue for the government and are collected by businesses as agents of the government.  Parliament enacted powerful tools to collect these amounts and protect these from being diverted to other creditors. As an employer, you hold in trust amounts that are deducted from your employee’s wages for income tax, Canada Pension Plan (CPP) contributions and employment insurance (EI) premiums.  Payroll deductions, CPP contributions...
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Remittance Thresholds for Employer Source Deductions The budget proposes to reduce the frequency of remittance of source deductions for the smallest new employers, by allowing eligible employers to immediately remit on a quarterly basis.  Eligible employers will be new employers with withholdings of less than $1,000 for each month. Quarterly Remitter Category for New Employers on the 2015 Budget Employers are required to remit source deductions to the Government in respect of employees’ income tax, as well as the employer and employee portions of Canada Pension Plan contributions and Employment Insurance premiums (collectively, “withholdings”). These withholdings must be remitted on a...
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www.taxtips.ca recently published updated information regarding the new rules of the Canada Pension Plan based on the CRA’s recent webinar on the CPP rules which will come into effect on January 1, 2012. Starting 2012, CPP contributions will still be paid on employment and self-employment income even if the employee or employer is already receiving CPP retirement pension.  Once the individual turns 65 years old, he or she can elect to stop contributing to CPP by completing the form CPT30 from the CRA.  The completed form must be sent to the CRA and a copy must be submitted to the employer. ...
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