Sage has a CRA Payroll Update which you need to apply before running your first payroll in July 2017 for Sage 300 and Sage BusinessVision (BV).
It is a good time to contact Britec to ensure that the update is performed properly and professionally. We recommend having the update installed before running a payroll in July. Please contact us to schedule an installation of your pay updates.
Why is this important?
The taxation updates reflect the most recent payroll changes from the CRA.
The July 2017 tax update contains modifications to payroll tax tables and calculations that are used by Sage 300 and Sage BusinessVision. These modifications reflect the income tax changes announced by the Canada Revenue Agency (CRA) that are effective July 1, 2017.
The modifications primarily involve Saskatchewan and PEI. We recommend discussing your Payroll update strategy and the impact to your organization with Britec.
Answers to common questions
Q: Only I have access to the payroll module in my Sage 300 or Sage BusinessVision software, can I just install the payroll update on my computer?
A: The payroll update needs to be installed on all computers where Sage products are installed. Take the guess work out of the update and contact Britec today to book an appointment for your Sage payroll update.
Q: When should I install the 2017 Sage 300 or Sage Business Vision Payroll Update?
A: Before you complete your first payroll run in July 2017! This includes instances when you are paying employees for time worked in June 2017.
Q: There are differences between the taxes calculated by Sage 300 or Sage BusinessVision and the taxes I calculate using manual tax tables. Why does this happen? Is Sage correct?
A: The Sage BusinessVision calculations are correct because they use exact formulas outlined in the tax laws, and published in CRA Publication T4127 106th edition. Manual tables estimate tax deductions for a salary range, while the Sage BusinessVision formulas work with fractions of a cent. Also, manual tables ignore certain provincial allowances and deductions.