TORONTO, April 11, 2019 /CNW/ - The Canadian Payroll Association commends the Ontario Government for its commitment to working with the Canadian Payroll Association, as identified in today's provincial Budget, and other employer groups to reduce red tape for Ontario businesses and Government through the establishment of the Ontario Payroll Burden Reduction Advisory Council.
The Canadian Payroll Association proposed to Ontario Finance Minister Vic Fedeli in its pre-budget submission that the first objective of this initiative is to bring Ontario more in line with other provinces, as it currently has the most onerous payroll compliance regulatory framework in Canada, outside of Quebec. Currently, Ontario has more payroll-specific regulatory requirements than British Columbia, Alberta and Manitoba combined.
"The Canadian Payroll Association looks forward to working with the Ontario government to explore avenues for red tape reduction that help employers in Ontario lessen their administrative burden," says Peter Tzanetakis, President of the Canadian Payroll Association. "We are pleased that today's Budget recognizes payroll's essential role in the economy and the work done by payroll professionals on the Government's behalf to manage employee and employer revenue contributions efficiently and effectively."
Payroll is a significant contributor to the Canadian and Ontario economies. In Ontario alone, payroll remittances from personal income tax, Health Premiums, Employer Health Tax, and Workplace Safety and Insurance Board premiums account for approximately $50.5 billion, or 40 per cent, of the province's total annual revenues.
The Canadian Payroll Association, as the authoritative source for payroll compliance knowledge, advocates for more efficient and effective payroll administration and legislation on behalf of its more than 40,000 employer and individual members. Each year, the Canadian Payroll Association influences the payroll compliance of more than 200,000 Ontario payrolls. In the past year, the Association fielded more than 45,000 payroll compliance inquiries through its Payroll InfoLine; over half (52%) of all inquiries were from Ontario.
About the Canadian Payroll Association:
Canada's 1.5 million employers rely on payroll practitioners to ensure the timely and accurate annual payment of $970 billion in wages and taxable benefits, $324 billion in statutory remittances to the federal and provincial governments, and $188 billion in health and retirement benefits, while complying with more than 200 federal and provincial regulatory requirements. Since 1978, the Canadian Payroll Association (CPA) has annually influenced the payroll compliance practices and processes of over five hundred thousand organizational payrolls. As the authoritative source of Canadian payroll compliance knowledge, the CPA promotes payroll compliance through advocacy and education. For more information on the Association's Professional Development Seminars, Certification Programs, and the Benefits of Membership visit payroll.ca.
SOURCE Canadian Payroll Association
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