Account setup -- New to Wagepoint? Start here with guided onboarding!

In this guide, we'll walk through each step of the Account setup process, which consists of seven steps:

1. Add company details
2. Create a pay group
3. Set up source deductions
4. Add banking information
5. Add authorized signatory
6. Add business verification
7. Submit account verification

When you log into your new Wagepoint account, you'll be automatically directed to the Account setup workflow.

On the Account setup page, you'll notice your next step is highlighted at the top of the page. Underneath, you can see the full Account Setup checklist. If you get lost on any page, look to your navigation bar -- there's a shortcut to your next step here as well!

---

Step 1. Add company details

1. Let's start! Click on Add company details.

2. On this page, enter your company details, including your company's Legal name, Company phone number, and Headquarters address. Optionally, you can enter a Doing business as name as well.

Note: You might notice that only certain characters are allowed in the fields. These characters are determined by the CRA's guidelines and include only the following symbols: hashtag (#), hyphen (-), dollar ($), period (.), ampersand (&), asterisk (*), and comma (,). You'll also note that PO Boxes are not accepted as a Headquarters address, as per the CRA guidelines.

3. Next, enter the business details for your company. First, select the type of account:

Personal
For Personal accounts, the Personal type will automatically be filled out as Nanny or caregiver. No further information is required. You can skip to step 6. 

Business
For Business accounts, further information is required. 

Depending on business type, you will be asked to input different details, including:

• Business type: 
  • Corporation
  • Partnership
  • Not-for-profit
  • Sole Proprietor
• Incorporation type: For Corporations only, indicate whether the incorporation type is Federal or Provincial.
• Business number: This is a 9-digit identifier for your business, also used in your CRA account number.
• Industry subsector: Select the best fit category for your business.
• Main business activity: Select the best fit category for your business. The options available in this drop-down menu depend on your selection for Industry subsector.
• Business description (Optional): Enter a brief description of your business. You can use up to 256 characters.

4. For corporations, partnerships, and sole proprietors, enter any beneficial owners. A beneficial owner is someone who directly or indirectly owns 25% or more of the company.

• Indicate if any individual owns 25% or more of the company.

• If yes, click Add beneficial owner, enter the beneficial owner's details including their percentage owner, and click Save. Repeat for each beneficial owner.

5. For all business types, add information for all current directors of the company. 

• Under Directors, click Add director

• Enter the first and last name of the director, then click Save.

• Repeat for each director. Add information for all current directors of the company. 

6. When you've entered all company and business details, click Save.

---

Step 2. Create a pay group

In this step, you'll create your first pay group.

A pay group is simply a group of individuals who are paid on the same payroll frequency. 👯

A pay group frequency refers to how often those in a pay group are paid. This is typically Weekly, Bi-Weekly, Semi-Monthly, or Monthly.

Tip! New to pay groups? That's what we're here for! Our Guide: Pay groups has some helpful questions to ask yourself before you create your first pay group.

1. In the account setup widget, click Create a pay group.

2. Under Pay group details, enter the details for your pay group.

• Under Payroll frequency, select Weekly, Bi-Weekly, Semi-Monthly, or Monthly.
• (Optional) Under Pay group name, enter a name for the pay group. This field will auto-populate with the payroll frequency you’ve selected, but you can rename it.
• (Optional) Select Customize to edit the working hours for this pay group. If you make no changes, the system defaults to the standard working hours for the payroll frequency you’ve selected.

3. Under Pay period set up, enter the relevant information to set up your pay period schedule. These details are used to set up your pay period and pay date schedules.

Tip! The pay period is the date range during which employees work. This is the timeframe for collecting hours worked or salary owed. The pay date is when employees actually get paid for the work done during a pay period.

The pay period and the pay date are related, but not the same. There is often (but not always) a gap between the end of a pay period and the pay date. This allows some time for hourly employees and contractors to record their hours for the relevant pay period before the pay date.

The fields here will be different depending on which pay frequency you selected:

• Weekly or Bi-Weekly: Enter a start date. The end date will automatically populate for you. Then, input your desired pay date.
• Monthly: Input the cycle end date and the corresponding pay date. Indicate if the pay date falls within the pay cycle, or outside of the pay cycle. Example: If your cycle is 1st to month-end and you pay on the 1st of the following month, your pay date falls outside of the pay cycle.
• Semi-Monthly: Input the first cycle end date each month and the corresponding pay date. Then, input the second cycle end date of each month and the corresponding pay date. Example: If your first Semi-Monthly pay cycle is 1st - 15th, pay on the 15th. Choose the 15th as your cycle end date, and 15 as the corresponding pay date.

4. If prompted, select your preferred treatment if your pay date falls on a weekend: 

• The Friday before
• The Monday after

5. Click Create a pay group to confirm your details.

6. Based on the information you've provided, Wagepoint will generate a schedule for your pay group. When you've confirmed that the pay schedule reflects the correct dates, click Confirm, create pay group.

• Be sure to review the dates here and check that they align with your expectations. When you create your pay group, your schedule for the whole year is generated based on these details. If you require changes to these details, it can impact your reports and you'll need to reach out to our support team for assistance. For this reason, we highly recommend that you double-check these dates when you first create the pay group to avoid stress later.
• If needed, click Continue editing to revise your pay group details.

Second step complete! On the Pay groups page, a card has been created for your Pay group.

If you would like to create additional pay groups now, you can click the Create pay group button to add another pay group using the same process.

If you'd rather finish setting up your account first, you can always come back to this later.

---

Step 3. Set up source deductions

1. In the account setup widget, click Set up source deductions.

2. On the Source deductions page, enter your federal tax information:

• Enter your CRA payroll account number
• Select your remittance schedule. Your remittance schedule is assigned by the CRA. Please reach out to them if you are unsure about your schedule.

3. When you've entered your information, click Save.

You will now see your Tax remittance details saved on the Source deductions page.

---

Step 4. Add banking information

1. In the Account setup widget, click Add banking information.

2. On the Banking information page, enter your company's banking information:

• Select your Account type.
  • If you would like a 3-day processing time, you must use a Business account.
• Select your Bank from the drop-down list
  • If you don't see your bank on the list, select Other. You can then enter your Bank's information manually, including the Bank Name, Institution Number, Brand/transit number, and Account number.
• Enter your Branch/transit number and Account number
• Upload a Bank verification document. This is a void cheque, direct deposit form, or pre-authorized debit payment form from your bank.

3. When you've ensured that your information is correct, click Save.

---

Step 5. Add authorized signatory
 

1. In the Account setup widget, select Add authorized signatory. 

2. Under Authorized signatory profile, enter the information for your authorized signatory.

• Select your authorized signatory from the drop-down menu. This will automatically populate with the name of the Account owner.
  • If the Account owner is not the authorized signatory, use the drop-down menu to select Create administrator. The signing officer must be an administrator. If you have not yet created an account for the person who will be your Authorized signatory, you'll need to do that before you can make them your Signing officer.
• Enter the Authorized signatory's date of birth and home address. Please note that Authorized signatory's SIN is no longer required.

3. When you've ensured that your information is correct, click Save.

---

Step 6. Add business verification

There are two parts of the business verification. Both must be completed by the Authorized signatory.

1. Sign the required document, which includes the pre-authorized debit agreement and business attestation.
2. Complete identity verification using Trulioo. A mobile device is required for this step.

If you are not the Authorized signatory, you'll need to wait for the Authorized signatory to sign into their Wagepoint account and complete these steps. 

1. In the account setup widget, click Add business verification.

2. Sign the required document, using either:

• Option A: E-sign the document
  Click E-sign, review and sign the electronic document in Adobe, click Submit, and then return to Wagepoint.

• Option B: Download and upload the document
  Download the required document, review and sign the form, and then upload it.

 

Note: The document will pre-populate based on the information you've entered in the setup process so far. If you need to make any changes, you'll need to do so within Wagepoint. 

• To edit the Business attestation, go to Company details.
• To edit the Pre-authorized debit (PAD) agreement, go to Company > Banking details.

3. Click Verify with Trulioo to begin the identity verification. You'll need to a mobile device to complete the next steps.

4. Using your smartphone, scan the secure QR code and open the link in a web browser. This has be done from most camera applications.

On your computer

On your mobile device

5. In the web browser on your mobile device, click Continue.

6. Select the type of ID you'd like to use to complete the verification, then click Start. If prompted, you may need to give permission for the verification site to use your camera.

7. Follow the prompts to take photos of the front and back of your ID. 

8. Next, click Start and keep the camera on your face until a selfie is taken. Then, click Continue to confirm your photo or Retake photo to try again.

9. Click Submit to complete the process. 

10. In your Wagepoint account (on your desktop computer), you will see checkmarks next to each step. Click Continue.

11. On the Business verification page, wait for the identity verification to complete. This may take a few minutes. 

Once the verification is complete, you are ready to move onto the last step in the account setup process.

---

Step 7. Submit account verification

If you haven't already, you'll need to verify your email before you can continue with this step. If needed, you can resend the email by navigating to the Account verification step and clicking Send verification email again.

In this step, you'll complete and submit account verification using one of the following methods:

• Instant verification: Instantly verify your bank account information using Plaid. You will need online banking access to complete this step. 
• Manual verification: A Wagepoint Risk Ops agent will review your bank account information. You will need to both complete the micro-deposit verification and send the account validation request form to your bank.

Select your method, and follow the steps below. If you are able, we recommend that you use instant verification to fast-track your set up!

• 1. In the Account setup widget, click Submit account verification.

  

  2. On the Account verification page, click Verify with Plaid.

  

  3. When Plaid opens, click Continue.

  4. Select your institution from the list.

  5. Enter your card number or username and password.

  6. Select the relevant bank account and click Continue. If you have multiple accounts, be sure to select the correct account. If you verify the incorrect account through Plaid, you will be prompted to re-do this step.

  7. Review the financial data sharing settings and click Allow.

  

  8. Your information will be instantly verified or rejected by Plaid. 

  If rejected by Plaid, an alert will display on your account letting you know the information provided by Plaid does not match what you have entered. You can resolve this by changing your banking information or by trying the Plaid verification again. If this still does not work, try the manual verification method instead.
  If verified by Plaid, you will receive a message that your information has been submitted for review to the Wagepoint Risk & Compliance team. This can take up to 5 business days to complete.

  

  
  Once successfully verified, you will see both verification steps displayed as “Verified” along with a green check mark.

• This verification option is two-fold:

  • first, you'll need to verify your bank account information using a micro-deposit confirmation
  • then, you'll need to download, sign, and submit an account validation form to your bank

  1. In the Account setup widget, click Submit account verification.

  

  2. On the Account verification page, click Use Manual verification instead.

  

  3. Under Micro-deposit verification, click Send micro-deposit. 

  

  4. We'll send a micro-deposit (less than $0.50) to your bank account within 1-2 business days. Click Save & Exit for now, and return to your account when you've received this micro-deposit.

  

  5. After you've received your micro-deposit, log into your Wagepoint account.

  In your Account setup widget, click Submit account verification to return to this step.

  Then, enter the micro-deposit amount you received in your bank account and click Confirm.

   

  6. The last step in the Manual verification process is to sign and send the Account validation form to your bank.

  IMPORTANT! The account validation form must be signed by you or your authorized signatory and then sent to your bank for them to confirm the info and reply to us directly. Whether you download and sign the form or utilize the e-sign feature, you still must provide the form to your bank.

  • If you download the document, sign it and provide it to your bank. Your bank will then confirm the information and send it to Wagepoint directly.
  • If you e-sign the document, you will still need to download and provide it to your bank. Your bank will then confirm the information and send it to Wagepoint directly.

  

  7. Click Submit. Your verification status will now be Pending. Your information will be sent to the Risk & Compliance team for review. This step can take 3 to 5 business days.

  

  8. Review the reminder and make a plan to send your signed account validation request form to your bank. Then, click Got it.

  

  9. The Account Verification tab will show Bank account verification and Risk Operations verification as In progress until completed.

  10. To check on your status, log into your Wagepoint account. In the navigation menu, select Company Account verification. When your Bank account verification and Risk Operations verification say Verified, you're ready to go!

  

---

Wondering what to do next?

We've got some suggestions!

Wagepoint Academy

Take the guesswork out of payroll – no calculator needed, just a free course!

Wagepoint Academy

Beginner's Guide to Wagepoint

Quick start your Wagepoint journey with our most popular resource.

Beginner's Guide

---

FAQs: Account setup 

• If you need to update information after your account verification has already been submitted to Risk, you can still make changes directly in the app. Depending on what you change, some verification steps may need to be completed again before your account can move forward.
  
  Making changes in the app
  You can log back into the app and edit your information as usual (for example, under Company > About, Banking, or Authorized Signatory).
  
  What happens after you save changes
  Once you save a change that impacts verification, there may be new or repeated tasks under Business Verification or Account Verification. You can always check in on any remaining tasks listed at the top of your navigation bar.
  
  Depending on what you update, some verification steps may reset:

  • If you update business details, you may be asked to re-complete business verification and re-sign documents.
  • If you update banking information, your bank account will need to be verified again.
  • If you update the authorized signatory, both identity verification and document signing will need to be completed again.

  Resubmitting to Risk
  After you’ve completed all required verification steps, you’ll see a message indicating that verification is paused. This is expected. Once everything is complete, you’ll need to click Resubmit on the Company > Account verification page to send your updated information back to our team.
  After resubmitting, your account will return to a “pending verification” state. If you don’t see the option to resubmit, it means there are still required steps to finish.

• Your Onboarding rep is the best person to reach out to for personalized support. If you're not sure who that is, send us an email to [e-mail] and one of our friendly agents will point you in the right direction.
• This is a tricky question to answer! It depends on several factors, such as whether you have all the information ready to go, how many administrators are involved in the process, whether you are connected to a Wagepoint partner, and your chosen method for account verification. For most small business owners, the process is complete within 2 weeks, including time for our team to verify your account.
• Great question. We use a monthly subscription model and we have two plans: Solo and Unlimited. If you’re not sure which plan is best for you, check out our subscription and pricing guide here.
• The Solo plan includes one pay group and one payroll per month, while the Unlimited plan includes multiple pay groups and unlimited pay runs each month (including extra payroll runs, in case you want to run an additional bonus or missed payment cycle, for example).
  Both subscription plans include direct deposit, tax remittances, year-end reporting, records of employment, an employee portal, as well as all the other features you can read about here!
• Wagepoint supports one authorized signatory in your account setup, so even if your bank account has two, you'll need to just choose one to list in your Wagepoint account. That said, we completely understand wanting an extra layer of oversight on payroll and that's exactly what our 2-step approval feature is designed for. If you just want to make sure that both individuals are set up as administrators with the ability to run payroll and manage your account, you can do that too.
• If you are using Instant verification and cannot locate your bank, you may need to use Manual verification instead. If you don't see your bank in the list for Manual verification, select Other. You can then enter your Bank's information manually, including the Bank Name, Institution Number, Brand/transit number, and Account number.
  If neither of these options work for you, please reach out to your Onboarding rep or our support team at [e-mail]
• If the PAD form is unavailable for you, it may be that you are not the authorized signatory. Only the authorized signatory can sign the PAD form.
• Most often, this happens because although the information was filled out, the Save button was not clicked and therefore the information was never submitted. Please try repeating the step again and ensure that you click the Save button. If your issue persists, please contact your Onboarding representation or our support team at [e-mail]!
• We accept all banking institutions listed by Payments Canada.
  At this time, we are unable to accommodate the following institutions:
  • Pateno Bank Accounts
  • Loop
  • Neo Financial
  • Jeeves