Beyond salary, key hidden costs include:

• Mandatory Company Contributions: CPP, EI, and potential provincial health taxes (e.g., Ontario's EHT, BC's EHT, Quebec's Health Services Fund).
• Benefits: Health, dental, life insurance, etc., if offered.
• Paid Time Off: Vacation pay, statutory holidays, sick days.
• Recruitment & Onboarding: Hiring fees, training, administrative setup.
• Workspace & Equipment: Rent, utilities, supplies, technology.
• Professional Development: Training and certification costs.

No, not really. Although CPP and EI are federal programs, Quebec has its own QPP and slightly different EI premiums because of QPIP. Furthermore, certain provinces (such as Ontario, British Columbia, and Quebec) have their own health or employer payroll taxes, which differ according to provincial regulations and your payroll. Verify the laws in every province where you employ people.

The most effective way is to use a robust payroll and accounting software solution like QuickBooks. It helps by:

• Automating Payroll Calculations: Handles federal and provincial deductions (CPP, EI, income tax).
• Streamlining Expense Tracking: Categorizes all employee-related costs, from wages to benefits and recruitment.
• Generating Detailed Reports: Provides clear insights into total labour costs and their impact on profitability.
• Integrating Data: Automatically reflects all employee costs in your financial statements for comprehensive financial management.