Update to January 2021 Payroll Tax Table

What had happened?

As communicated in my last email, the January 2021 payroll tax table update did not auto-fill new T4 boxes 57-60 for COVID-19 government relief payments and required manual calculations and editing from the user.

QuickBooks has updated this functionality and T4 boxes 57-60 will now auto-fill, while still letting you edit them as needed.

What should you do?

If your auto-update is on, you should see this functionality the next time you log in to your QuickBooks Desktop product.

If you do not have auto-update turned on, you can follow these steps to enable this functionality, Navigate to:

Employees – Get Payroll Updates – Update Now
Click on the ‘Get Updates’ button

Example of Codes 57-60

Referred Article – https://www.fintechsolutions.ca/new-t4-reporting-requirements/

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