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Prisma Financial

Payroll

Payroll Services in Toronto

Monthly payroll run, CRA source deduction remittances, T4 slips at year-end. Flat monthly rate so payroll is never a surprise.

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What we run every pay period

Every payroll engagement covers all four areas. One flat monthly price regardless of how many runs you need.

  • Monthly payroll run

    Gross pay, CPP, EI, and income tax deductions calculated for each employee or owner-manager. Pay stubs generated and sent directly to employees on your schedule.

  • CRA remittances

    Source deductions remitted to CRA on time every period. We track your remittance schedule (regular, quarterly, or accelerated) and confirm each payment.

  • T4 slips and T4 Summary

    Year-end T4 preparation for all employees and filing of the T4 Summary with CRA by the February 28 deadline. ROE preparation when an employee leaves.

  • New hire and payroll setup

    CRA payroll account registration, employee onboarding, TD1 collection, and first-run setup. We also handle transitions from another provider or manual payroll.

Flat monthly pricing

Monthly rate confirmed up front. No per-payslip fees, no year-end surcharges.

Up to 3 employees

$99 CAD / month

Solo operators, owner-managers, or micro teams.

  • Monthly payroll run
  • CRA remittances
  • Pay stub delivery
  • Year-end T4 filing included
Get a free quote

Up to 10 employees

Most common
$199 CAD / month

Growing small businesses with regular payroll needs.

  • Monthly payroll run
  • CRA remittances
  • Pay stub delivery
  • Year-end T4 filing included
Get a free quote

11-25 employees

from $349 CAD / month

Larger teams, multiple pay rates, or bi-weekly schedules.

  • Bi-weekly or monthly run
  • Multi-rate and overtime support
  • CRA remittances
  • Year-end T4 filing included
Get a free quote

Prices in CAD plus HST. Payroll setup for new clients is a one-time $199 fee. Bi-weekly schedules available at +25% on the monthly rate.

How payroll works

Five minutes of work per period for most clients. We handle the rest.

  1. 01

    Setup and onboarding

    We collect employee data, TD1 forms, and your CRA payroll account number. If you need a payroll account registered, we handle that too.

  2. 02

    You send payroll data

    Each period, you send hours worked or confirm salary amounts. Takes five minutes for most clients.

  3. 03

    We calculate and confirm

    Gross pay, all deductions, and net pay calculated. We send you a summary to approve before releasing anything.

  4. 04

    Stubs sent, CRA paid

    Pay stubs sent to employees, source deductions remitted to CRA on the correct schedule. Confirmation shared with you.

Need to know what a salary actually costs after deductions? Try our free 2026 Ontario Salary Calculator to see federal tax, Ontario tax, CPP, and EI on any salary in seconds.

Ontario payroll rules most new employers miss

Running payroll in Ontario means more than calculating gross pay. Every new employee needs to fill out a TD1 form (federal and provincial) before your first pay run so you know the right income tax to deduct. Source deductions - CPP contributions, EI premiums, and income tax - get remitted to CRA monthly using form PD7A, typically by the 15th of the following month. A missed remittance accrues interest daily. We set up the schedule and track every deadline so nothing slips.

Ontario adds a few more requirements on top of the federal rules. Employer Health Tax (EHT) applies once your total Ontario payroll exceeds $1 million, though eligible employers get an exemption on the first $1 million. WSIB coverage is mandatory in most industries - missing registration can mean back premiums plus penalties. Stat holiday pay under the Employment Standards Act is not just an extra day off; the calculation depends on regular wages earned in the prior period. Vacation pay accrues at minimum 4% of gross from day one. T4 slips are due by the last day of February every year. We handle all of it.

Payroll questions

What small business owners in Ontario ask us most about payroll.

  • How do you do payroll for a small business in Canada?
    To run payroll in Canada: (1) Open a CRA payroll deductions account using your Business Number. (2) Collect a TD1 form from each new employee. (3) Calculate gross pay each period. (4) Deduct CPP contributions, EI premiums, and income tax per CRA tables. (5) Remit source deductions to CRA by the 15th of the following month using form PD7A. (6) Issue T4 slips by the last day of February. A licensed payroll provider handles all of this automatically.

  • What is the best payroll software for small business in Canada?
    For most Canadian small businesses, the top options are Wave Payroll (free for Ontario, ideal for very small teams), Wagepoint (clean interface, good CRA integration), and QuickBooks Payroll (best if you already use QuickBooks for accounting). Humi suits teams needing built-in HR features. An accountant-managed payroll service eliminates the need to learn any software yourself.

  • When are source deductions due to CRA?
    Most small employers remit by the 15th of the month following the pay period. New employers and those CRA designates as regular remitters follow this schedule. Accelerated remitters (usually businesses with over $25,000 average monthly withholdings) remit twice monthly. We track your classification and never miss a deadline.

  • What is an owner-manager payroll?
    If you run a corporation, you can pay yourself a salary, dividends, or a mix of both. Salary requires a payroll account and T4 filing. Dividends do not. The optimal split depends on your marginal tax rate, RRSP room, CPP contributions, and business income. We model this for you at year-end.

  • Can you issue Records of Employment (ROEs) when employees leave?
    Yes. ROEs must be issued within five calendar days of the first day of interruption of earnings. We prepare and submit ROEs electronically to Service Canada as part of your payroll engagement.

  • We have been doing payroll manually. Can you take it over mid-year?
    Yes. We review your year-to-date figures, reconcile against CRA records, and take over from the next pay period. Any discrepancies are corrected before year-end T4 filing.

  • What happens if CRA has a payroll query or audit?
    Payroll audit support is included in your engagement. We respond to CRA correspondence, provide working papers, and represent you through the review.

Get a free quote

Tell us how many employees you have, your pay frequency, and whether you need setup from scratch or a transfer from another provider.

Prefer email? Write to support@prismaaccounting.com.