Glossary
Payroll remittance
A payroll remittance is the payment an employer sends the CRA covering the income tax, CPP and EI withheld from pay plus the employer's own share. Remittance frequency depends on the size of the payroll, and the deadlines are strict because the money withheld was never the employer's to hold. Late remittances attract penalties that escalate with repetition, and directors can be held personally liable for amounts a corporation fails to remit.
Related reading