Employers deduct government required amounts from employees and

Question

Quizplus · Accepted Answer

Employers must remit the government required amounts that they deduct from employees (such as income tax, Canada Pension Plan contributions, and Employment Insurance premiums) to the government on a prescribed form. Holding the funds in trust until the employee leaves their employment or disbursing the total withheld prior to the employee's annual vacation are not the correct procedures. Investing these funds in a deferred profit sharing plan is also not a common practice for government required deductions.

Employers Deduct Government Required Amounts from Employees and