The company's Vice President of Finance, Carla White, is considering using part of the payroll remittances held in trust to cover unexpected operating costs. She has been advised that outstanding Accounts Receivables should cover the short term deficit within the next 60 days. As the Payroll Manager, she has asked you to research the consequences of both "late payment" and "failure to file for the following provincial remittances: 

. Québec remittances (Québec Pension Plan contributions, Québec Parental Insurance Plan premiums, Québec provincial income tax, health services fund contributions and Commission de la santé et de la security du travail premiums) 

• Provincial medical premiums and taxes for Ontario and Newfoundland and Labrador The balance in the Québec statutory remittances account plus the provincial medical premiums and taxes would be sufficient to cover the company's operating costs shortfall, so focus on the penalties for those remittances. Consider the fines, penalties and interest charges set out by the above jurisdictions. You currently remit your Québec deductions and have an average monthly remittance of more than $100,000.00. Your annual Ontario payroll is greater than $800,000.00 and your total annual Newfoundland and Labrador remuneration is over $1,300,000.00. Based on your research, prepare a memo, providing Ms. White with your recommendation(s) and the rationale supporting it so that she can make an informed decision. 

Prepare your response in proper memo format with correct spelling. grammar and punctuation. You will be penalized if you are excessively over or under the suggested word count. It is recommended that you prepare your response using MS Word or a similar word processing software. The information from the external resource(s) and any information taken from the course material must be stated in your own words and cited.

Answer rating: 100% (QA)

Date To Payroll Manager From Carla White Vice President of Finance Subject Asking for research on co... View the full answer