NPW 2003 - Payroll Quick Facts

Payroll Quick Facts ...

1. Canada has three national payroll taxes:

Employment Insurance premiums

Canada/Quebec pension plan contributions

2. The Canadian Payroll Association’s members process approximately 18 million of the T4s processed in Canada. (www.payroll.ca)

3. 78% of payroll transactions are now done through Direct Deposit. (www.directdeposit.org)

4. Small business owners spend over 50 hours or one full work week a year processing payroll. (www.cpadirectory.com)

5. Companies can save up to $1.25 per payment by using Direct Deposit instead of cheques. (www.directdeposit.org)

6. In 2001, over 568 million dollars of Canada’s GDP was derived from wages, salaries and supplementary labour income. (www.statscan.ca)

PAYROLL MILESTONES

2600 BC: Babylonians use clay tablets to record labourers wages received and hours worked.

200 BC: Origin of the word “salary” comes from the word “salarium,” meaning “salt-money.” Roman soldiers were paid their allowance in salt, a valuable seasoning and preservative.

1529: First use of the word “payday” in English print.

1978: Founding of The Canadian payroll Association.

1995: Founding of National Payroll Week.

2003: The Canadian Payroll Association celebrates its 25th Anniversary -- A Quarter Century of Payroll Leadership.