The January 2018 Payroll Tax Updates for Sage BusinessVision 2018 and Sage BusinessVision 2017 are now available for download. If you are running a version of Sage BusinessVision earlier than version 2017, you must upgrade to the latest version to install this update.
Please note, upon installation of this update you will be prompted for a password. You will be receiving an email with the password, if you need the password immediately please email us at [email protected] along with your Sage account ID.
If you have questions regarding the status of your Payroll Update Plan, please contact Sage Customer Care at 866.725-0724, option 1. If you require assistance with installing the update, please reach out to your Sage Business Partner or if you have a current Support Plan - contact Sage Customer Support:
Year-end FAQ: FAQ Chat: Chat Now Sage City: Sage BusinessVision Community Email: mailto:[email protected] Tel: 800.215.5395
Changes reflected in the January 2018 Payroll Update
The January 2018 tax update contains modifications to payroll tax tables and calculations that are used by Sage BusinessVision. These modifications reflect the income tax changes announced by the Canada Revenue Agency (CRA) that are effective January 1, 2018.
Basic Personal Amounts for 2018
Note regarding basic personal amounts for employees in Nova Scotia
Beginning with the 2018 taxation year, the basic personal amount will increase by $3,000 from $8,481 to $11,481. The full $3,000 increase will be available to individuals who have taxable income of $25,000 or less. The $3,000 increase will be reduced by 6% of taxable income that is more than $25,000. Individuals who have taxable income of $75,000 or more will not receive any increase. Please be sure to review TD1 amounts for employees in Nova Scotia after performing step 3 as listed above in “How to perform your payroll year end”.
Changes to the Canadian Pension Plan
For 2018, the maximum pensionable earnings for the Canada Pension Plan (CPP) has increased to $55,900.00. The maximum CPP employer and employee contribution to the plan for 2018 will be $2,593.80.
Changes to Employment Insurance
For 2018, Employment Insurance (EI) premium rates have increased for both Quebec and provinces and territories outside of Quebec. Outside Quebec, premium rates will be 1.66% and the annual maximum insurable earnings (MIE) will be $51,700. In Quebec, EI premium rates have increased to 1.30% and the MIE will be $51,700.
Changes to the Quebec Parental Insurance Plan
For 2018, the maximum Quebec Parental Insurance Plan (QPIP) insurable earnings amount has been increased to $74,000. The QPIP employee premium rate remains at 0.548% and the QPIP employer premium rate remains 0.767%.
Changes to the Quebec Pension Plan
For 2018, the maximum pensionable earnings for the Quebec Pension Plan (QPP) has increased to $55,900. The maximum QPP employer and employee contribution to the plan will be $2,829.60, with the employee and employer each contributing 5.4%.
To find out more about all the tax changes, or to obtain any updated TD1 forms for January 2018, please contact your tax consultant or government tax offices. You can also visit the CRA Web site. http://www.cra-arc.gc.ca
T4 and T4 Summary forms
All necessary changes to T4 and T4 Summary forms are included in this update.
The Sage BusinessVision January 2018 payroll tax update does not include the ability to print form RL-1 to paper, but instead includes an RL-1 worksheet that Quebec employers can use to complete RL-1 forms for their employees via the Clic Revenu service. See http://www.revenuquebec.ca for details.
How to Download
You must log into the Knowledge Base to download the updates.
How to update your payroll tables
Although the update does not affect your data files, we strongly suggest that you make a back-up copy of your data files regularly and before any updates for your protection. Network users should ensure they are the only users on the system when performing this update or while making back-ups.
You can verify that the Sage BusinessVision Payroll Update has been implemented by reading the tax table date available in System Info. From the “Help” menu, choose “About Sage BusinessVision” and then click on the “System Info” button. The “Tables” date should be “Jan 2018”.
Note: This update must be performed on all workstations running Sage BusinessVision.
How to perform your payroll year end
The Payroll Update should be installed before performing a Payroll Year End.
Frequently Asked Questions Regarding Payroll