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In this video, Lisa from GTA Accounting Professional Corporation discusses the essentials of Canadian payroll deductions for employers. As businesses grow, hiring employees brings responsibilities, particularly in ensuring accurate payroll. The Canada Revenue Agency (CRA) has strict requirements regarding payroll deductions, and errors can result in significant penalties. The guide outlines the basic steps for managing payroll: first, open a payroll account with the CRA. Second, establish a system to collect necessary information from employees, including Social Insurance Numbers (SINs). Accurate deduction processing is crucial to avoid financial repercussions.