In today's day and age, attracting and keeping top talent is one of the major struggles for many businesses. Providing unique benefits for employees is just one of many ways to strategically attract and keep top talent at your company.
Unless you've been living your best life on an island in the middle of the ocean (in which case, we're jealous), you know that there's been a "workforce revolution" of sorts recently. Job seekers and current employees alike are no longer only considering the salary when deciding whether or not to accept a job offer or stay with their current employer.
Luckily, Humi Payroll simplifies the setup, remittance, and reporting of employee benefits for you.
Did you know that some benefits are taxable? If you’re interested, we recommend taking a few minutes to read about taxable benefits. It’ll help give you a basic understanding of how different benefits are taxed.
You don't need to worry though, because when you create a benefit in Humi, the tax implications are already set up for you!
How to create a "Benefit"
Setting up a benefit in Humi is fairly easy to do:
- In "Payroll" select the "Benefits & Deductions" tab and click on "Benefits" from the dropdown options.
- To create a new benefit, click the "+ Create Benefit" button on the top right corner.
- Select the benefit "Type" from the drop-down. This is important because it tells Humi how to tax the benefit and ensures it'll be in the correct spot on your employee's T4.
The Benefit "Types" available to choose from are:
- Critical Illness
- Life Insurance
- Dependent Life Insurance
- Profit Sharing
- Defined Benefit Pension Plan
- Defined Contribution Pension Plan
- RRSP (Non-Restricted)
- RRSP (Restricted)
- Taxable Benefit (In Cash)
- Taxable Benefit (Non-Cash)
- After choosing the benefit "Type," you'll need to "Name" the benefit.
The "Name" that you enter here will be shown on all pay stubs and payroll reports.
- Next, you'll need to enter your GL codes that are applicable to the benefit you're setting up.
If you're unsure what the GL codes are right now, you can always leave these blank and fill them in later by going back to Benefits > Selecting the benefit you created > Edit.
Another option is to add them in the Journal Entry Report Settings (Reporting > Payroll > Journal Entry Report > Report Settings)