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PAYROLL COMPLIANCE AND REGULATIONS
##################################
**Learning Objectives**
**LEARNING OBJECTIVES**
By the end of this chapter, you will have a foundational understanding of payroll compliance and regulations in Canada.
This includes the various stakeholders involved, the objectives of payroll, and the legal frameworks that govern payroll
@@ -365,13 +365,15 @@ through regulations.
*Example:*
The Income Tax Act
*The Income Tax Act*
The legislation: Specifies that employers are required to withhold income tax from employees.
The regulation: Specifies the taxation methods that should be used for non-periodic payments such as bonuses, retroactive pay increases, lump sum payments, etc.
Non-periodic bonus payments- Where a payment in respect of a bonus is made by an employer to an employee whose total remuneration (including the bonus) from the employer
*Non-periodic bonus payments*
Where a payment in respect of a bonus is made by an employer to an employee whose total remuneration (including the bonus) from the employer
may reasonably be expected to exceed $5,000 in the taxation year of the employee in which the payment is made, the amount to be deducted or withheld by the employer is dictated
through a calculation prescribed in the regulation within the Act.