Comments on: My Experience Setting Up & Processing Payroll http://www.tylercruz.com/my-experience-setting-up-processing-payroll/ The journal of a young web entrepreneur on his journey to wealth. Thu, 09 Feb 2012 09:56:43 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: kelowna mortgage http://www.tylercruz.com/my-experience-setting-up-processing-payroll/comment-page-1/#comment-21388 kelowna mortgage Sat, 06 Feb 2010 22:33:38 +0000 http://www.tylercruz.com/my-experience-setting-up-processing-payroll/#comment-21388 This is truly a great system of managing payroll.. Many thanks…keep blogging. This is truly a great system of managing payroll.. Many thanks…keep blogging.

]]> By: tattoo kits http://www.tylercruz.com/my-experience-setting-up-processing-payroll/comment-page-1/#comment-21064 tattoo kits Sun, 24 Jan 2010 22:43:59 +0000 http://www.tylercruz.com/my-experience-setting-up-processing-payroll/#comment-21064 Wow Dave you reply is just as informative and interesting as Tylers article! thanks Wow Dave you reply is just as informative and interesting as Tylers article!

thanks

]]> By: brian http://www.tylercruz.com/my-experience-setting-up-processing-payroll/comment-page-1/#comment-16057 brian Tue, 14 Jul 2009 20:43:35 +0000 http://www.tylercruz.com/my-experience-setting-up-processing-payroll/#comment-16057 Tyler - it seems crazy that you have to pay the CPP twice, but one site I googled lists one benefit: "If you are self-employed, you have been paying twice as much CPP as someone who is working, because employers pay half. On the flip side, you are not paying EI premiums if you are selfemployed or own your own company." It also looks like there is a "cap", or a maximum you will pay in CPP each year, meaning as you pay yourself more money, you will not have to pay CPP at all, at some point: http://www.taxtips.ca/cppandei.htm "self-employed maximum $4,237.20 " At the rate you're going, you'll be capped in 10 months according to my math.. As someone else mentioned, consider paying yourself dividends, but speak with someone proficient in Canada's tax laws since I'm in the US and know little about the laws "up there". It would probably be money well spent, to sit down and speak with a pro for 30-60 mins about minimizing your tax liabilities, especially as your company and your cashflow grows. good luck Tyler – it seems crazy that you have to pay the CPP twice, but one site I googled lists one benefit:

“If you are self-employed, you have been paying twice as much CPP as someone who is working, because employers pay half. On the flip side, you are not paying EI premiums if you are selfemployed or own your own company.”

It also looks like there is a “cap”, or a maximum you will pay in CPP each year, meaning as you pay yourself more money, you will not have to pay CPP at all, at some point:

http://www.taxtips.ca/cppandei.htm

“self-employed maximum $4,237.20 ”

At the rate you’re going, you’ll be capped in 10 months according to my math..

As someone else mentioned, consider paying yourself dividends, but speak with someone proficient in Canada’s tax laws since I’m in the US and know little about the laws “up there”. It would probably be money well spent, to sit down and speak with a pro for 30-60 mins about minimizing your tax liabilities, especially as your company and your cashflow grows.

good luck

]]> By: Free Arcade Games http://www.tylercruz.com/my-experience-setting-up-processing-payroll/comment-page-1/#comment-15801 Free Arcade Games Sat, 27 Jun 2009 01:48:58 +0000 http://www.tylercruz.com/my-experience-setting-up-processing-payroll/#comment-15801 Looks like a lot of work to set up, but simple when it is all set up. lol. I need to start doing this soon, but have been lazy :( -Mike Looks like a lot of work to set up, but simple when it is all set up. lol. I need to start doing this soon, but have been lazy :(

-Mike

]]> By: gurtey http://www.tylercruz.com/my-experience-setting-up-processing-payroll/comment-page-1/#comment-15759 gurtey Thu, 25 Jun 2009 08:43:42 +0000 http://www.tylercruz.com/my-experience-setting-up-processing-payroll/#comment-15759 great system of managing payroll..thanks...keep blogging. great system of managing payroll..thanks…keep blogging.

]]> By: Tyler Cruz http://www.tylercruz.com/my-experience-setting-up-processing-payroll/comment-page-1/#comment-15753 Tyler Cruz Wed, 24 Jun 2009 20:24:29 +0000 http://www.tylercruz.com/my-experience-setting-up-processing-payroll/#comment-15753 Thanks, fixed. Thanks, fixed.

]]> By: John http://www.tylercruz.com/my-experience-setting-up-processing-payroll/comment-page-1/#comment-15752 John Wed, 24 Jun 2009 17:28:08 +0000 http://www.tylercruz.com/my-experience-setting-up-processing-payroll/#comment-15752 Typo: I should mention that you the Powerpay system is only one method of managing your payroll. You can also do it over the phone, for example. Should read "I should mention to you" I know you are such a perfectionist. Typo: I should mention that you the Powerpay system is only one method of managing your payroll. You can also do it over the phone, for example.

Should read “I should mention to you” I know you are such a perfectionist.

]]> By: Sara http://www.tylercruz.com/my-experience-setting-up-processing-payroll/comment-page-1/#comment-15751 Sara Wed, 24 Jun 2009 04:33:17 +0000 http://www.tylercruz.com/my-experience-setting-up-processing-payroll/#comment-15751 Pretty good post. I just found your site and wanted to say that I've really enjoyed reading your posts. In any case I'll be subscribing to your blog and I hope you write again soon! Pretty good post. I just found your site and wanted to say
that I’ve really enjoyed reading your posts. In any case
I’ll be subscribing to your blog and I hope you write again soon!

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