Cannabis companies can benefit from payroll services as they can help companies grow and remain efficient. As a grower, dispensary owner, or another type of legal cannabis business owner, local and federal regulations can make banking and payroll a challenge.
Avoid making mistakes and risking your license by using a third-party payroll company that specializes in the cannabis industry. They will be experts on the regulations that need to be followed and will ensure your business is compliant. Read on to learn more about the best cannabis payroll companies in Canada.
Best Cannabis Payroll Companies
As a cannabis company owner, you may find many benefits to using a payroll company. Here are some of the best cannabis payroll companies in Canada.
BDO Canada is a global public accounting, tax, consulting and business advisory firm that also provides payroll services to the cannabis industry. Its goal is to provide solutions to cannabis companies that nurture expansion and reduce compliance risk. Its services are tailored specifically to the cannabis industry to assist in the adoption of environmental, social and governance (ESG) procedures, business process enhancement, government incentive activities, technology enablement, and leveraging market data to get ahead of consumer trends. BDO Canada’s payroll services specifically ensure that payroll and reporting are CRA/MRQ compliant, ensure that foreign and domestic employees are tax compliant and support shadow payrolls. This payroll company meets the needs of marijuana-related businesses (MRBs) operating internationally.
Cannabis License Experts
This company has been in business for over 15 years and has served over 1,200 clients with a 0% failure rate. Specializing in cannabis business solutions, Cannabis License Experts (CLE) offers a plethora of services like licensing support, post-licensing support, operational compliance and almost any type of business solution, including banking. Its banking services specialize in electronic payment solutions in the cannabis and hemp industries, providing established bank accounts, managing cash, automated cash transfers and payment services. Overall, CLE is an excellent option for those wanting to work with an all-in-one cannabis business support and solutions provider.
PwC Canada is a big-four accounting firm that also offers services to businesses in the cannabis industry. Its dedicated cannabis specialists are devoted to helping cannabis businesses navigate the challenges of the industry and drive growth by securing the right strategies, capabilities, partnerships and tools. Along with payroll services, PwC Canada’s cannabis vertical also offers growth strategies, auditing, risk assurance, tax services, sales and divestitures, acquisition services and consulting. If you are looking for an established name within the banking industry that you know you can trust, PwC Canada is the perfect company to handle your payroll.
Paragon Payroll understands that no two businesses are the same. It offers flexible payroll solutions that are tailored to your specific business needs. Its mission is to provide support with the complexities that come with changing regulations so that you can focus on improving and growing your business. Paragon Payroll has been serving the cannabis industry for over 12 years and is partnered with a marijuana-related business (MRB)-compliant bank to ensure your payroll is properly and efficiently handled. 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 believe your business requires a specialized payroll solution, this is the option for you.
What Types of Cannabis Companies Need Payroll Support?
Ultimately, payroll is an essential part of any business, whether it is in the cannabis industry or not. Employers must withhold payroll taxes from your paycheck and forward the money to the government to fund benefits that you may be eligible to receive later. However, given the complex nature of cannabis regulations and the strict need for compliance, it is more crucial within the cannabis industry to have payroll support. All cannabis companies — breeders, growers, dispensaries, transportation and logistics providers — can benefit from getting payroll support.
Benefits of Using a Cannabis Payroll Company
You can gain numerous advantages by using a cannabis payroll company. Here are some of the main benefits.
Focus on what you’re good at: By using a cannabis payroll company, you can free up time from 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 are good at. Doing so will allow your business to grow faster and achieve success.
Keep Up: To ensure you are able to keep up with demand, it is important to streamline your payroll and hiring process. You can best achieve this goal by outsourcing to a cannabis payroll company.
Rules and Regulations: The rules to staying compliant and the regulations within the cannabis industry change and can be hard to keep up with. Don’t risk losing your license by being noncompliant and consider using a third-party service that can keep track of new laws for you. Cannabis payroll companies stay up to date on the laws and can ensure you are operating within regulations.
Mistakes to Avoid When Choosing a Cannabis Payroll Company
Before choosing a cannabis payroll company, consider some of these factors to avoid commonly made mistakes.
Integration: When choosing a company, be sure that its services can be well integrated into your operations. If they are unable to be integrated, the services will not provide you with the maximum benefits.
Compliance: Ensure that the company you choose to work with prioritizes being compliant. This service will save you a lot of trouble down the road and ensure that your license to operate is not at stake. A big benefit of using payroll companies is that they will handle keeping up with new regulations and laws so that you don’t have to. If the payroll company you choose to work with does not 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 take care of the hiring process of new employees. If this is something you are seeking, consider using a company that provides a combination of HR and payroll support services.
Are there legal issues with using a payroll company?
Using a payroll company is fully legal. Part of the reason business owners use them is that payroll companies ensure your payroll operations are being conducted in compliance with legal regulations.
What are the laws in Canada regarding cannabis?
Subject to provincial or territorial restrictions, adults who are 18 years of age or older are legally able to possess up to 30 grams of legal cannabis, dried or equivalent in non-dried form in public; share up to 30 grams of legal cannabis with other adults; buy dried or fresh cannabis and cannabis oil from a provincially-licensed retailer; in provinces and territories without a regulated retail framework, individuals are able to purchase cannabis online from federally-licensed producers; grow, from licensed seed or seedlings, up to 4 cannabis plants per residence for personal use; make cannabis products, such as food and drinks, at home as long as organic solvents are not used to create concentrated products.