As of January 1, 2014 the EHT exemption increased from $400,000 to $450,000. This will save eligible employers up to $975 every year1.
The WSIB sets an annual maximum for insurable earnings. For 2013, the annual maximum was $83,200 for 2014, the annual maximum is $84,1002.
These are just two examples of the continuously changing landscapes in the accounting world. Many business owners are too caught up in running their own business and looking ager their own clients to keep on top of all the government remittances.
It is our job as Accountants and Bookkeepers to keep track of these things for you. Not only will we make sure your books are up to date, we will ensure that all your remittances are submitted accurately and on time. We have encountered many situations where this lack of due diligence has cost business owners thousands of dollars. I personally once saw a company over pay WSIB by $35,000 and guess what – the WSIB didn’t send a cheque back, they just credited the account. Imagine what that can do to your cash flow.
We strongly believe at Intellibiz that you should focus on what you do best, which is running your business, while we do what we do best, which is maintaining your books.
Call me today at 905.775.9233 to discuss your accounting needs.