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Nanny Tax

You have finally made the decision to hire a nanny. There are a lot of steps involved in this process. After careful consideration you have hired the perfect nanny for your family. One would think the...

You have finally made the decision to hire a nanny. There are a lot of steps involved in this process. After careful consideration you have hired the perfect nanny for your family. One would think the hard part is over.


The process of hiring a nanny is over however the issues of salary and tax deductions and nanny taxes have just begun.


The one thing many families don’t plan for is the process of paying nanny tax. For some reason this is over looked and some people only realize this when it’s too late. To pay tax on nannies hired in Toronto, Ontario and the GTA by law in Canada requires you to formally register a business. In this business you are the employer and your nanny is your employee. 

Paying Nanny Tax in Toronto and the GTA
  • Register a business
  • Pay all deductions
    • Employment Insurance Canada
    • Pension Plan
    • Income tax
  • WSIB - “The WSIB provides coverage for domestic workers who are employed more than 24 hours a week by one employer. If the worker's hours vary--more than 24 hours most weeks, but 24 hours or less other weeks--the worker is continuously covered.” (www.wsib.on.ca)
  • Submit a monthly remittance
  • Submit a yearly T4

Tax4Nanny provides a simple, low-cost integrated service to manage your nanny'sor elder care provider's taxes. We have a number of different packages to choose from and provide services across Canada. Depending on your needs we are able to customize our services.

Tax4Nanny all we doScience Articles, every day is service our clients. Our objective is to make the process of remitting and paying your nanny taxes as easy and painless as possible.

Source: Free Articles from ArticlesFactory.com

ABOUT THE AUTHOR


Tax4Nanny provides its clients with comprehensive tax calculations and reporting, as well as assurance that all registration requirements are fulfilled.



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