Can you provide more information about each charge I see on an invoice?
Below you will find the different line items you will see on an invoice, with a corresponding description. If you have further questions, please reach out to Velocity Global through your normal process, and we will help you.
Allowances. Payment of an allowance. Examples of this are car, cell phone, or fitness allowances.
Bonus. Additional remuneration added to your supported employee's payment.
Canada Pension Plan (CPP)/Quebec Pension Plan (QPP). CPP and QPP are payroll taxes that go toward government-run retirement pension plans. Both you and your supported employees contribute to these funds. The QPP is exclusively administered in Quebec.
Commissions. Additional remuneration added to your supported employee’s payment due to sales generation.
Compensation. The amount of money your supported employee receives in exchange for their services.
Employer Employment Insurance Contribution. The Employment Insurance (EI) premium is a tax that funds several government-provided benefits. These funds provide temporary income support to unemployed workers while they seek employment or upskilling. It also provides benefits to workers who are absent from work due to illness, pregnancy, or other covered life events. Both you and your supported employees contribute to this fund.
Employee Expense. Payment of an expense.
Employer Health Tax. Payroll tax on remuneration (salaries, wages, bonuses, taxable benefits, etc) that you provide to current and former supported employees. The purpose of this tax is to help the government gain revenue to fund health care. The Employer Health Tax is an employer burden item, and it only exists in the provinces of Ontario, Manitoba, and British Columbia.
Employer RRSP (Voluntary Pension) Contribution. An RRSP (Registered Retirement Savings Plan) is a retirement savings plan that an employer may establish. It is registered with the Canadian government. This line-item corresponds to an employer contribution made to an RRSP.
Employer Social Contributions—FSS (Quebec only). This is a payroll tax on remuneration that helps finance Quebec’s health services.
Employer Social Contributions—QPIP. Contributions toward the Quebec Parental Insurance Plan that funds Quebec’s maternity/parental leave program.
Insurance Premium. Premium for a private insurance plan administered through Velocity Global.
Retroactive Pay. Compensation owed to your supported employee for work performed during a previous pay period. The difference between what your supported employee received and what they were actually owed is the amount of the retroactive pay. This may happen when a supported employee receives a raise which has been backdated.
Vacation Accrual. A mandatory accrual each payment period. When your supported employee takes vacation, they are paid the accrued amount.
Vacation Payout. The amount paid to your supported employee when they take vacation.
Vacation Taken. The same (negative) value as the vacation payout. This offsets the vacation payout charge, as this amount has already been paid for via the vacation accrual amounts each month.
Velocity Global EOR Fee. Velocity Global’s fee.
Wire Transfer Fee. Payment for the cost of a wire transfer.
Workers’ Compensation Board (WCB). Designed to help employees get back to work quickly after a work-related injury or illness, this employer tax supports potential lost wages and medical coverage.