Payroll
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Top 5 Payroll Services in Toronto

To streamline work, businesses outsource their payroll to professional companies that do payroll processing. Outsourcing will help you focus on making your business grow.

In this article, we have rounded up and rated the companies with the best payroll services in Toronto. 

How much do payroll services cost in Toronto?

Below is how much payroll processing can cost on average:

Pricing StructureFee
Base Fee $29 - $150
Per employee per month $2 - $12

Payroll servicing fee is based on the number of employees and pay period. Businesses with employees in different locations and methods of payment will entail more working hours in payroll processing.

If tax servicing is included, this will add up the cost. That is why a lot of payroll companies customize their fees according to the scope of work. 

Businesses that will outsource their payroll service also need to pay a one-time fee to set up an account with a payroll company.

Some payroll companies charge a base fee per month. It can be per pay period, which means you pay the base fee every time payroll is done – weekly, bi-weekly, semi-monthly, or monthly. 

Added to the base fee is a charge per employee per month or period as well. 

The Best Payroll Services in Toronto

We selected the firms with the best payroll services based on the following criteria:

Fee Setup The firms that made our list have either reasonable fixed fees or flexible payment schemes.
Customer Support We chose companies that are reputably efficient and reliable so clients can focus on other aspects of their businesses. 
Range of Services We selected companies whose payroll services are not just limited to processing salary disbursements. Some companies offer accounting and bookkeeping services as well.
Technical Support The companies chosen use different kinds of software. They provide the support and security to ensure data is safe.

1. HeartPayroll

HeartPayroll Homepage
TestInfo
ServicesTotal Payroll Management
Websitehttps://www.heartpayroll.com/
AddressWaterPark Place, 1100-20 Bay St., Toronto, ON M5J 2N8
Contact Details647-492-7253

[email protected]

Criteria Rating
Fee Setup★★★★★ (5/5)
Customer Support★★★★★ (5/5)
Range of Services★★★★☆ (4/5)
Technical Support★★★★☆ (4/5)

HeartPayroll does total payroll management but focuses on caregiver payroll and tax services.  

It is the first and exclusive payroll choice for caregivers and nanny agencies in Toronto.

What is great with this focused service is it frees up families in doing payroll work for the caregivers they employ. 

Its team is composed of 3 HR and payroll practitioners who are all certified in payroll compliance. This is an assurance that they have the experience and knowledge especially when a problem arises or you are in a unique circumstance.

This firm can even help set up an account with the Canada Revenue Agency (CRA) at no additional fee. In addition, it will file tax forms, deductions, and remit tax payments for clients and their nannies. 

What we appreciate is the simple pricing this firm offers. The scope of work includes computing and paying salary, taxes, and other contributions, as well as documentation of pay stubs and tax forms.

For all of these, expect to pay $50 per month. But for families who share the services of a nanny, the fee is set at $40 per family. 

Clients will be happy to know they can also avail of this firm’s discounted annual fee of $500. This includes registration, remittance, and filing with the Workplace Safety and Insurance Board (WSIB) which usually costs an additional $10 per month.

Clients appreciate its fantastic service as they completely take care of their caregiver payroll needs. For questions, they can be easily reached and response time is usually within 24 hours. 

Pros

  • Specialises in caregiver payroll services
  • Team are HR and payroll practitioners
  • Certified to do payroll compliance
  • Fixed monthly service fee

Cons

  • Limited market
  • Lean team

Customer Reviews

Great value

“HeartPayroll made all the financial paperwork of having an employee incredibly easy.  They always responded to questions quickly and were very knowledgeable.  Great value for the cost. I’d highly recommend their services.” – Nicole

Professional and prompt service

“HeartPayroll has been the perfect stress free solution for providing legal payroll services to our in home child care worker.  They are always professional and prompt in addressing our concerns and needs.  I highly recommend HeartPayroll if you need to hire anyone in your home for services.” – Brian

2. V-TAC Payroll Management

V-TAC Payroll Management Homepage
TestInfo
ServicesPayroll Services

Unified HR & Benefits

Websitehttps://www.vtacpayroll.ca/
Address401 Bay Street, Suite 1600

Toronto, ON M5H 2Y4

Contact Details1-866-315-8822

[email protected]

Operating hoursMonday - Friday: 9 am - 6 pm

Saturday - Sunday: Closed

Criteria Rating
Fee Setup★★★★★ (5/5)
Customer Support★★★★☆ (4/5)
Range of Services★★★★★ (5/5)
Technical Support★★★★☆ (4/5)

For the past 20 years, V-TAC Payroll Management has been doing payroll services that Canadian businesses trust. Its certified payroll specialists share their valuable expertise in different industries like hospitality and construction.

What is notable is that a payroll coordinator is assigned to each client.  Companies are assured that someone is on top of their account to monitor their payroll needs. 

It offers a customisable payroll service as they understand each business has a unique payroll system. This allows the firm to simplify or add more features.

In addition, the service setup is done within 48 hours, which is impressive. Clients are assured that their data is secure and transferred smoothly. 

Once set up, clients can conveniently access the firm’s portal anywhere. This is helpful in updating data or viewing reports like the general ledger. The firm has to assure clients that their data is secure in its portal as it can be subject to theft of intellectual property.

Moreover, even employees can access their accounts on the portal and see their timesheets and other payroll information. 

However, we did hear that there were instances when employees had some difficulty logging in. 

It’s a good thing that the staff addresses the concerns of clients within 30 minutes. Even technical difficulties are attended to urgently.

For added convenience, requesting a quote is easy through its website.  Budget-conscious clients will be happy to know that there are no hidden costs as the company has an upfront pricing approach.

Also, the firm allows termination of its services anytime with no fees. It does not have any mandatory lock-in agreement, unlike other payroll companies. 

Pros

  • 20 years in doing payroll service
  • Dedicated payroll coordinator for each client
  • Customisable payroll service
  • Quick payroll set up
  • Addresses clients’ concerns within 30 minutes
  • No hidden or upfront fees
  • No mandatory lock-in of service

Cons

  • Some instances of technical difficulties
  • Stored data can be put at risk for data theft

Customer Reviews

Exceptional customer service

“I have used VPM’s services for over 3 years. They have been amazing the entire time. They assign a payroll consultant to your account so you always have a point of contact, this made things a lot easier as the consultant knew my account and could help me with any issues I had. Exceptional customer service!” – 39 Spices

Best performance payroll service

“Dealing with V-Tac over the past 10 years the customer support that we have received has been fantastic. They work hard to offer the best performance payroll service and insure that all our needs are met without any hesitation. In the end, it comes down to knowing the business and what they need to help us to be successful and achieve our goals.” – Mike

3. Finnection

Finnection Homepage
TestInfo
Services

Tax Services

Accounting and Bookkeeping

Payroll

Business Advisory

Transaction Advisory

Business Incorporation

Websitehttps://www.finnection.ca/
Address100 King St W #5700, Toronto, ON M5X 1C7, Canada
Contact Details647-795-5462

[email protected]

Operating hoursMonday - Friday: 9 am - 5 pm

Saturday - Sunday: Closed

Criteria Rating
Fee Setup★★★★★ (5/5)
Customer Support★★★★☆ (4/5)
Range of Services★★★★★ (5/5)
Technical Support★★★★☆ (4/5)

Finnection is a one-stop company for accounting and payroll needs under the helm of Aamir Jewani. Small and medium-sized businesses (SMBs) are loyal to this company because of its trustworthiness and reliable services. 

With 2 locations in Ontario and 9 years of doing business, Aamir has helped many business owners grow their companies. Clients are happy to have a business consultant as well as a finance and accounting advisor in him.

To help SMB owners, its services are adaptable to the requirements of the client. The firm may  have set packages and fees but it is open to tailoring services to what the client only needs. 

It has a Monthly Accounting Package (MAP) where they do bookkeeping, accounting, payroll, and tax returns. The fixed monthly package fee for this is paid upfront, which we like. 

On the other hand, its Virtual or Shared CFO (VCFO) offers similar services but with added features. VCFO does budgeting and forecasting as well as dealing with banks for your financial needs.

To avail of these packages,  we found out that the firm has different payment options – Silver, Gold, and Platinum. The difference in the fees is based on the number of employees and the frequency of review meetings. 

As a plus, clients who sign a contract for one year get to enjoy free payroll service for a month. But they also offer month-to-month options for those who can’t initially commit to the full year.

Its software makes it convenient for clients and their employees to get payroll-related data. The firm allows online access to clients’ employees for their pay stubs.

Pros

  • One-stop accounting and payroll company
  • Payroll services are adaptable to clients’ requirements
  • Comprehensive service packages
  • 3 payment options
  • Free 1-month service for 1-year contracts
  • Online access for employees

Cons

  • Lean team
  • Relatively younger company compared to most counterparts

Customer Reviews

Reliable professional expertise

“This is the best accounting firm to work with as a business. Aamir is accessible, committed, professional and extremely knowledgeable. I love working with him. I have relied on his professional expertise many times. I highly recommend Aamir and Finnection to anyone looking for bookkeeping, payroll and accounting services for their SMB. Exceptional service and support. I also love their software which makes everything organized and web based. Great job all around, I’m sure lucky to have you in my corner.” – Angelic Treasures

Helped me make better business decisions

“Finnection was with me from the day onnegatie, when I started my daycare business in 2019. They are an integral part of my success. I highly recommend to all business owners to partner up with Finnection. They helped me to set up the accounting system and processes, that were time efficient and easy to follow. During our consultations Aamir helped me to navigate through the numbers and helped me to make better business decisions. He is very knowledgeable and keeps up with the latest news and changes. When Covid-19 hit, he proactively suggested programs and grants to minimize the negative impact on my business. I am certain, his advice saved me money and contributed to my profit.” – Viera

4. Triple M Professional Corporation

Triple M Professional Corporation Homepage
TestInfo
Services

CRA Representation and Audit

Corporate and Personal Tax Return

Payroll Services

Business Plans and Valuation

Websitehttps://3maccounting.ca/
Address 500 King St W Unit 300, Toronto, ON M5V 1L9
Contact Details416-333-1116

[email protected]

Operating hours

Monday - Friday: 9 am - 6 pm

Saturday - Sunday: Closed

Criteria Rating
Fee Setup★★★★☆ (4/5)
Customer Support★★★★☆ (4/5)
Range of Services★★★★★ (5/5)
Technical Support★★★★☆ (4/5)

Triple M Professional Corporation started in 1999 and since then has grown into a full-service company. It caters to the accounting and tax needs of small to large corporations, as well as individuals. 

Their team of certified accountants is aided by the latest technology to help make the process easier and more accurate.  

Its clients can avail of a 15-minute free consultation by filling up the form on its website. Upon meeting them, which can be done virtually, they will discuss the options and upfront fees with the client. 

They use this consultation also to know if they are the best payroll service provider given the unique needs of the client. This is an indication that they value customer satisfaction. 

For its payroll service, it ensures that staff is updated on federal regulations. This guides them to make the right deductions on the employees’ pay.

While there have been a few instances of erroneous tax returns being filed, we are reassured that they are able to take responsibility for their mistakes. They make every effort to compensate clients for the error, as well as connect with the concerned government agency to correct it.

Of course, this is not licensed to keep repeating these incidents, so we hope that management has already tightened its grip on quality control.

Pros

  • Business has been operational for more than 20 years
  • Full-service company
  • 15-minute free consultation
  • Virtual meetings
  • Values customer satisfaction by rectifying errors made by staff
  • Updated on federal regulations

Cons

  • Instances that of submitting erroneous returns
  • Short time for consultation

Customer Reviews

Excellent service

“The service that Michael provided was excellent! He promptly answers emails and always picks up your calls. He takes time to explain everything in detail and patiently answers any questions you might have. His fees are a bit higher than the ones of other accountants but honestly, it is absolutely worth it. His service is 10 out of 10 and I highly recommend it.” – Andrea

Professional and friendly

“We have been working with Triple M Accounting for the last 3 years, they have helped us with Bookkeeping, Payroll, and WSIB submissions of our Wildlife control corporation. Very professional and friendly they explain all tax and accounting matters in layman terms. We even get our personal taxes filed with them and I am extremely happy with the tax planning strategy vs. our past experience. I highly recommend.” – Ray

5. APEX Accounting

APEX Accounting Homepage

APEX Accounting

Criteria Rating
Fee Setup★★★★★ (5/5)
Customer Support★★★★★ (5/5)
Range of Services★★★★★ (5/5)
Technical Support★★★★☆ (4/5)

APEX Accounting focuses on small and medium-sized businesses. It understands the financial capacity of these businesses so it helps them save on costs and focus on their core tasks. 

Its team is trained to design a customized payroll system for each client. The goal is for the system to be efficient and reliable so clients need not worry about client compensation and even tax compliance. 

The payroll processing makes sure that all payments are tracked and properly recorded. What’s more, they ensure that the clients’ businesses do not get penalized or fined because of non-compliance.

Payroll services are done in a cloud-based system conveniently connected to the client’s accounting system. 

What we appreciate is the firm giving importance to the privacy of clients’ data. Only the staff assigned to the client will have access to the information they provide.

Its staff is also thoroughly vetted as an added security. Aside from this, the company’s data is encrypted on its server.

Another thing that we like about this firm is it gives clients options on the payment scheme. Inclusion per option varies so clients have the freedom to choose depending on the scope of work they need, as well as their budget.

What we like most about them is that they’re a one-stop provider for businesses’ accounting and payroll needs. Businesses do not need to find different companies to outsource all of their requirements.

Pros

  • Focused services to small and medium-sized companies
  • Customised payroll system
  • Values data privacy
  • Thoroughly vetted staff
  • Options for payment schemes

Cons

  • Some services have additional costs
  • Associated risks with cloud-based payroll system

Customer Reviews

Professional and efficient

“Apex Accounting helped my business by projecting a very clear picture of our financial statements that helped us in proper planning and execution for our business goals. I loved their professionalism and efficiency. I highly recommend their service if you are looking for a genuine bookkeeping and accounting services.” – Barsha

Knowledgeable and thorough

“A very detail and professional accounting firm. CJ is knowledgeable and very thorough in analyzing every aspects to serve for better of clients. May it be personal or corporate accounting, my go to firm.Best wishes” – Ekta

FAQs on Payroll


And that’s it for our roundup of the providers of payroll services in Toronto! Save time and resources by taking on the services of any of these companies.

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