Payroll Terminology

Program or strategy to control absences related to illness or injury that focuses on reducing unexplained, unscheduled or excessive absenteeism.

For federal remittances, there are two groups of accelerated remitters: Threshold 1 and Threshold 2. The Canada Revenue Agency determines which type of remitter an employer is based on the total average monthly withholding amount two calendar years ago.

For more information, see the Canada Revenue Agency’s website: www.cra-arc.gc.ca

Provides benefits if the insured person is injured as a direct and exclusive result of an accident

AD&D pays a benefit for death, loss of or loss of use of limbs, loss of speech, loss of hearing or loss of sight as the direct result of an accidental cause.

Modification of a work environment and the creation of a welcoming workplace for ill or injured employees so that they can stay at work or successfully return to work from an absence due to illness or injury, and perform job functions efficiently and safely.

Accountability in payroll management is the requirement to document the process and remuneration paid to each employee, determining how the gross and net salaries were calculated, while ensuring all transactions remain fully traceable for audit purposes.

Accounting is a system that records, measures and reports the financial events of an economic entity. There are different types of accounting systems that may be used for this purpose.

Money owed by an organization to its creditors for products and services purchased on credit.

Money owed to the organization by customers for products and services provided to them on credit.

Accounting system that recognizes revenue and expenses to be reflected in the accounts in the period in which they are deemed to have been earned and incurred whether or not the related cash receipts and disbursements occur in the same period.