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Paying the "Canadian" Bonus

Topic:
Paying the "Canadian" Bonus
Date:
June 26, 2012 at 1:00 - 2:00 PM ET
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Description
Tax laws vary from country to country. Canadian income tax laws are among the most complex when it comes to issuing Bonuses, Retroactive payments, and Lump Sum payments to employees. Generally Canadians are some of the world’s highest taxed individuals. Income taxes paid on bonuses/retroactive payments range from 27%-48% of the gross amount depending on the employees’ annual remuneration or total compensation including employer paid benefits. Lump sum payouts referred to as severance or retiring allowance command personal income tax rates between 10%-30% nationally and between 21%-35% in Quebec. It is important to understand:

i) how these special payments are taxed when using annualized or lump sum taxing methods

ii) if these payments can become income tax exempt and how. Some employees will automatically qualify for tax exemptions based on hire date with the organization and some will apply to the government for the exemptions.

Although your organization may never pay out bonuses, you could potentially owe employees retroactive payments because of a ratified collective agreement or a delayed salary increase. The principles remain the same. These two payments are both taxed using the annualized taxation method. At some point we all have had to or will be faced with terminating the relationship between you and an employee. Special taxation (lump sum taxes) is required for payments made to an employee as a result of the relationship ending.
Employees will look to you for an explanation. This will give you the basics to answer their questions quickly using terminology they will comprehend. Won’t it be great to sound like the expert!

Who Should Participate
HR and Compensation Leaders, People Managers with employees in Canada
Extra Learning Material

All Registered HR.com members are also eligible for:

  1. A copy of the slides presented in this presentation. These are available before and after the presentation.
  2. A Real Media file of the presentation. This file can be downloaded to your iPod or MP3 player after the presentation.
  3. Access to more than 400 podcasts with HR Gurus and Industry Leaders (downloadable files available 24 hours after the live broadcast) as well as access to our blogs, polls, surveys, 25,000+ article library, Business Book Reviews and so much more!
Recommended Resources
www.cra.gc.ca/tx/bsnss/tpcs/pyrll/clcltng/spcl/bnns-eng.html www.servicecanada.gc.ca 1-800-OCanada www.payroll.ca
Categories
Compensation
Staffing and Recruitment
Core HR: Payroll for HR and HRIS
Payroll
Incentives, Rewards and Recognition
Severance pay
Recognition Programs
Rewards and Recognition
HR in Canada
Canadian Masters In HR Strategy & Execution
What You Will Learn
Bonus basics: Work related vs. Discretionary Annualized Taxation: Bonuses and Retroactive payments Tax Exemptions: Can an employee avoid paying income tax, Form T1213, RRSP transfers, Impact on CPP and EI, T4 Reporting Lump Sum Taxes: Severance vs. Salary Continuance, T4 reporting
Sponsored by
MT Alfano Enterprises
MT Alfano Enterprises
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Presented by
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speaker spacer
Maria Alfano
MT Alfano Enterprises

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Who is Eligible

This webcast is available to all registered HR.com members for free. You are currently subscribed to HR.com as a Free Member.

Click the button to access this webcast. Archives, MP3 and PowerPoint slides

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Participants in the live webcast will need access to a computer connected to the Internet. HR.com highly recommends you test your computer in advance of the webcasts.

Once you register for the webcasts, full login instructions will be sent to you 24 and 2 hours prior to going live. You must run the system test to ensure you can access the session.

Documents

Feedback
Name Comment Rating
Image of William Ma William Ma
Wing Kei Care Centre
4 / 5
Very Good Presentation
Image of David Lee David Lee
Insurance Corporation Of British Columbia
3 / 5
Good Presentation
Image of Vicki Battin Vicki Battin
VIA Motors, Inc.
4 / 5
Very Good Presentation
Image of Anne Doef Anne Doef
InterfaceFLOR Canada, Inc.
4 / 5
Very Good Presentation
Image of Caryn Ramirez Caryn Ramirez
PayTech, Inc.
4 / 5
Very Good Presentation
Image of SUNALY VOHRA SUNALY VOHRA
Ilsco of Canada
3 / 5
Good Presentation
Image of Nancy Fletcher Nancy Fletcher
HD Supply, Inc.
4 / 5
Very Good Presentation
4 / 5
Very Good Presentation
Image of Cathy Goudreau Cathy Goudreau
Jones Brown Inc
3 / 5
Good Presentation
Image of Laura Close Laura Close
Liberty Mutual Group
4 / 5
Very Good Presentation
Image of Julie  Sitbon Julie Sitbon
LyondellBasell North America Inc.
5 / 5
Excellent Presentation
Image of Andrea Skoke Andrea Skoke
Bell Aliant
3 / 5
Good Presentation
Image of Tamera Timmerman Tamera Timmerman
URS Corporation
5 / 5
Excellent Presentation
5 / 5
Excellent Presentation
4 / 5
Very Good Presentation
Image of Monica Lotz Monica Lotz
Dr. Oetker Canada Ltd
5 / 5
Excellent Presentation
Image of Inga Nelson Inga Nelson
Hibbert International Inc
4 / 5
Very Good Presentation
Image of Kristen Wesche Kristen Wesche
Kettering Health Network
4 / 5
Very Good Presentation
Image of Dalene Crowder Dalene Crowder
Verizon Telecom
4 / 5
Very Good Presentation
Image of Kathy Rogers Kathy Rogers
Payscale, Inc.
4 / 5
Very Good Presentation
Image of Melissa Levesque Melissa Levesque
Crayola Canada
4 / 5
Very Good Presentation
Image of Heather Williams Heather Williams
Lifesaving Society
4 / 5
Very Good Presentation
Image of M Smith M Smith
Self Employed
5 / 5
Excellent Presentation
Image of Jennifer Marais Jennifer Marais
Amdocs Canada
Great job! Very clear and concise. 5 / 5
Excellent Presentation
Image of Saritha Alluri Saritha Alluri
Commercial Spring & Tool Company
Hi Maria Thank you very much for the updated information about bonus its payments and methods used. 5 / 5
Excellent Presentation
Image of Karen Stoesz Karen Stoesz
JELD-WEN of Canada, Ltd
I believe that some of the information about taxing bonuses provided was incorrect. I didn't think it was appropriate to represent Canada Revenue Agency in such a critical way and the description of Service Canada's role was inaccurate. 2 / 5
Poor Presentation
I enjoyed the webinar I learned more about how the results are obtained. Also it was clearly explained in plain terms. Excellent 5 / 5
Excellent Presentation
Image of Angie Bjornson Angie Bjornson
BJORNSON & ASSOCIATES INC
5 / 5
Excellent Presentation
Thank you HR.com for sponsoring and providing a speaker on relevant topics for Payroll as well as HR. Each of our areas are intertwined and employee focused so it's important to live in each other's world from time to time. 5 / 5
Excellent Presentation
Image of Felecia Mbonzo Felecia Mbonzo
The Home Depot
The presentation was very informative and well organized. My question was answered clearly and thoroughly. 5 / 5
Excellent Presentation
Image of Tonia McCorkle Tonia McCorkle
Inspiration Networks
The webinar was very informative out company just does not have a Canadian payroll at this time. 4 / 5
Very Good Presentation
Image of Gail Guss, PCP Gail Guss, PCP
North American Lumber Limited
This was a very informative webinar and the speaker Maria Alfano was easy to understand. I would recommend it for everyone. 5 / 5
Excellent Presentation
Image of Stephan Sinka Stephan Sinka
Workers Health & Safety Centre
Very clear great examples and questions and answer period. 4 / 5
Very Good Presentation
Image of TIna Slagmolen, CPP TIna Slagmolen, CPP
Sage Employer Solutions
Very informative webniar. I am just learning Canadian Payroll and now I know I have a LOT to learn. Hope to connect if I run into problems. Thanks! 5 / 5
Excellent Presentation

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