A taxable benefit is a perk that is provided at no cost to the nanny. The perk is for the nanny to use for his/her personal use, on his/her personal time. Some common examples of taxable benefits that nannies’ often receive are: transit passes room and board gym memberships cell phones (proportion for personal use)… Read more »
April 30 was the deadline to submit personal tax returns. In the months of June, July and August, Nannies on Call’s accountants tend to get calls about clients being audited for their personal tax returns – particularly with Child care expenses.
When the Canada Revenue Agency does a personal tax audit, they concentrate on Child Care expenses because child care expenses are a direct deduction from income as opposed to a tax credit (a tax credit is normally 15% of the amount). If you employed a nanny and claimed Child Care expenses, have your receipt prepared in case Canada Revenue Agency knocks on your door.
If you employed a nanny in 2010, their T4 slip is due on February 28, 2011 which is today.
Here are some tips to help you get started if you haven’t done so.
Organize your payroll records and your Statements of Account for Current Source Deductions.
You will need to file a T4 Return for each nanny that you employed in 2001 and you will need to file a T4 Summary Return for yourself as the employer.
Toronto, November 3rd, 2010 – Still looking for your very own SuperNanny? Hold onto your hat, Mary Poppins: Nannies on Call announced a new milestone for their Toronto office today. Extraordinary Nannies – previously only booked for the company’s on call babysitting service – will now be available via Nannies on Call Placements for full-time, live-out positions across the GTA.
Our Payroll Service is a comprehensive approach to serving the unique needs of household employers. We perform tax calculations, filings, remittances, provide advice on labour law and manage your payroll account with Canada Revenue Agency and the Canadian Workers’ Compensation Board. Our selections of services allow you to choose what is right for you.
Just a friendly reminder that the HST is looming for its July 1st debut so why not save the 7% now for your Booking fee bundles and Nanny Plans. Yearly memberships must be purchased before May 1st to avoid paying the HST.