Cannabis businesses can benefit from payroll services because it can help businesses grow and stay efficient. As a grower, dispensary owner, or other type of legal cannabis business owner, local and federal regulations can complicate banking and payroll.
Avoid making mistakes and risking your license by using a third-party payroll company that specializes in the cannabis industry. They will be experts in the regulations to follow and ensure that your business is compliant. Read on to learn more about the best cannabis payroll companies in Canada.
Best Cannabis Payroll Companies
As a cannabis business owner, you can find many advantages to using a payroll company. Here are some of the best cannabis payroll companies in Canada.
BDO Canada is a global public accounting, tax, advisory and business advisory firm that also provides payroll services to the cannabis industry. Its goal is to provide solutions for cannabis businesses that promote expansion and reduce compliance risk. Its services are specifically tailored to the cannabis industry to assist in the adoption of environmental, social and governance (ESG) procedures, business process improvement, government incentive activities, activation of technology and exploiting market data to stay ahead of consumer trends. BDO Canada’s payroll services specifically ensure that payroll and reporting are CRA/MRQ compliant, ensure foreign and domestic employees are tax compliant, and support shadow payroll. This payroll company caters to the needs of Marijuana Related Businesses (MRBs) operating internationally.
Cannabis Licensing Experts
This company has been in business for over 15 years and has served over 1,200 customers with a 0% failure rate. Specializing in cannabis-related business solutions, Cannabis License Experts (CLE) offers a plethora of services such as license support, post-license support, operational compliance and almost all types of business solutions, including banking services . Its banking services specialize in electronic payment solutions in the cannabis and hemp industries, providing established bank accounts, cash handling, automated cash transfers and payment services. Overall, CLE is a great option for those looking to work with an all-in-one provider of cannabis business support and solutions.
PwC Canada is a Big Four accounting firm that also provides services to companies in the cannabis industry. Its dedicated cannabis specialists are dedicated to helping cannabis businesses meet industry challenges and drive growth by ensuring the right strategies, capabilities, partnerships and tools. In addition to payroll services, PwC Canada’s cannabis vertical also offers growth strategies, audits, risk assurance, tax services, sales and disposals, acquisition services and consulting. If you’re looking for an established name in banking you can trust, PwC Canada is the perfect company to handle your payroll.
Paragon Payroll understands that no two companies are the same. It offers flexible payroll solutions tailored to the specific needs of your business. Its mission is to provide support through the complexities of changing regulations so you can focus on improving and growing your business. Paragon Payroll has been serving the cannabis industry for over 12 years and has partnered with an MRB (Marijuana-related Business) compliant bank to ensure your payroll is handled correctly and efficiently. In addition to payroll support, it also offers HR solutions for cannabis businesses. If you are looking for a company that specializes in payroll solutions or if you think your business needs a specialized payroll solution, this is the option for you.
What types of cannabis businesses need payroll support?
Ultimately, payroll is an essential part of any business, whether in the cannabis industry or not. Employers must withhold payroll taxes from your paycheck and pass the money on to the government to fund any benefits you may be entitled to later. However, given the complex nature of cannabis regulations and the strict need for compliance, it is more crucial in the cannabis industry to have payroll support. All cannabis businesses – breeders, growers, dispensaries, transportation and logistics providers – are eligible for payroll assistance.
Benefits of Using a Cannabis Payroll Company
You can get many benefits by using a cannabis payroll company. Here are some of the main benefits.
Focus on what you are good at: By using a cannabis payroll company, you can free up time trying to understand and keep up with ever-changing regulations within the industry. You avoid the complexities of payroll by outsourcing it and focusing on the things you’re good at. This will allow your business to grow faster and succeed.
Continue: To ensure you’re able to keep up with demand, it’s important to streamline your payroll and hiring process. You can best achieve this goal by outsourcing to a cannabis payroll company.
Rules and regulations: Compliance rules and regulations in the cannabis industry change and can be difficult to follow. Don’t risk losing your license for non-compliance and consider using a third-party service that can track new laws for you. Cannabis payroll companies keep up to date with the laws and can make sure you are following the regulations.
Mistakes to Avoid When Choosing a Cannabis Payroll Company
Before choosing a cannabis payroll company, consider some of these factors to avoid common mistakes.
The integration: When choosing a company, make sure that their services can integrate well with your operations. If they cannot be integrated, the services will not bring you the maximum benefit.
Compliance: Make sure the company you choose to work with prioritizes compliance. This service will save you a lot of hassle and ensure that your business license is not at stake. A big advantage of using payroll companies is that they will take care of keeping up with new regulations and laws so that you don’t have to. If the payroll company you choose to work with doesn’t prioritize regulations, you may find yourself doing the work you chose to outsource.
Frequently Asked Questions
Do payroll companies technically hire your employees?
Not all payroll companies handle the hiring process for new employees. If this is something you’re looking for, consider using a company that offers a combination of HR and payroll support services.
Are there any legal issues with using a payroll company?
Using a payroll company is completely legal. Part of the reason business owners use them is for payroll companies to ensure that your payroll operations are conducted in accordance with legal regulations.
What are the laws in Canada regarding cannabis?
Subject to provincial or territorial restrictions, adults 18 years of age or older are legally permitted to possess up to 30 grams of legal, dried or equivalent cannabis in undried form in public; sharing up to 30 grams of legal cannabis with other adults; purchase dried or fresh cannabis and cannabis oil from a provincially licensed retailer; in provinces and territories without a regulated retail framework, individuals can purchase cannabis online from federally licensed producers; cultivate, from seeds or authorized plants, up to 4 cannabis plants per residence for personal use; make cannabis products, such as food and beverages, at home as long as organic solvents are not used to create concentrated products.