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Compensation: the vocabulary of the perfect employer
By choosing care by a nanny, you knew you would have to pay a salary, and you have negotiated an hourly rate. But employing a nanny, it is also means you have to manage "human resources" as well.
Calculating the salary, paying it, managing absences ... before entering the thick of it, here are some essential definitions. Vocabulary lesson...
Small lexicon of useful terms:
The GROSS salary includes payroll taxes.
NET salary = gross salary - payroll costs
Employee contributions: taxes and social charges (CPP + EI) paid by the employee, debited from his gross salary (paid by the employer)
Employer contributions: social charges (CPP + EI) paid by the employer with remittances
Payroll remittances: employee and employer contributions paid monthly to the CRA
CPP: (Canadian Pension Plan) federal retirement plan. Both employees and employers are required to pay into with every paycheque
EI: (Employment Insurance) mandatory insurance at the rate of 1.78% of insured earnings paid by the employee. Employers pay 1.4x the employee rate. Sums collected go towards such services as paid maternity leave or unemployment payments.
CRA: (Canada Revenue Agency) government body responsible for calculating and collecting payroll taxes
Minimum wage: the minimum hourly wage (set at the provincial level)
Paying your nanny: weekly, bi-weekly or monthly
Discuss with your nanny and decide on a payment schedule that works well for you both. Most employers pay bi-weekly as it is the easiest to calculate.. but we'll explain all that in the next chapters.
Amount payable
You will have to pay the wages of your nanny, course, but in addition you will have to pay payroll deductions and vacation contributions. Make sure you don't forget any little detail on your nanny's payslip.
The calculations to be made.
Additional unpaid leave, statutory holidays, various absences... how much to pay on each paycheque? And how to manage monthly payment of payroll remittances required by law?
