You can decide on a pay schedule of biweekly, weekly, or monthly. To set up direct deposit, an employer must: 1. Below are some steps for setting up a direct deposit system that meets all your business needs. There are many advantages to switching to direct deposits and now that you know some of them, you may be wondering how to set it up for your own business. Vacation information including accrual per pay period, allowable overdraw, or carryover.Employee’s preferred language for communication purposes.Benefits eligibility date if applicable.Deductions including charity and pension.Whether the employee is full- or part-time, paid on a salary or hourly, and if paid hourly, the number of hours of work per pay period.

Other information to collect about your employees includes:

You also need your employees to supply the following: Keep this form on file, and use the CRA’s online calculator to determine much tax to deduct from each paycheque. The information on this form helps determine how much tax to deduct from the employee’s income. When you hire your first employee, you must get their Social Insurance Number and file a TD1 Personal Tax Credits Return.

What Employee Information Do I Need to Set Up Payroll?