What should you keep in mind while legally hiring a nanny or a caregiver? If you do things rights from the beginning, you will avoid complications and problems in the future, especially when it comes to resolving your tax related issues. Hopefully, you know that you need to register yourself as an employer with the Canada Revenue Agency (CRA) and receive a payroll deductions account as well as complete all required forms to register with your provincial Workplace Safety and Insurance Board. As an employer, you will be required to do following:
- Calculate and prepare a customized withholding statements detailing your nanny's pay, Canada Pension Plan, Employment Insurance, federal tax rates and provincial tax rates
- You must withhold the tax each pay period as well as remit the withheld tax to the CRA
- Should you change your nanny's salary, you must update individual tax reporting
- You must prepare a T4 form for your employee at the end of the year
If you are unsure about the process, then you are not alone. Our comprehensive nanny tax services will relieve your stress and frustration and not have you questioning whether you are doing it right. Calculating and reporting nanny tax rates and salary requires a set of skills that can be gained through taking a specialized tax course. We are here so you don’t have spend your precious time on calculating your nanny's tax and ensuring that you are complying with all of the tax filing rules.
Professional Nanny Tax Services for Your Tax Needs in Toronto, Ontario, the GTA and all of Canada
At Tax4Nanny, we have helped hundreds of families like yours in Toronto, Ontario, the GTA and across Canada with their nanny tax needs, so they can safely move forward and enjoy having a professional and experienced nanny look after their loved ones without worrying about nanny tax.
With Tax4Nanny you can be assured that you will be provided with professional nanny tax services and will be given helpful assistance with all your tax needs.
Tax4Nanny services clients in Toronto, Ontario and the GTA as well as throughout Canada.