NV1 Payroll for Canada 2021
2021 Canadian Payroll version 122 (effective July 1, 2021) for NV1 is now available. This update is required by NV1 payroll users in New Brunswick.
- Provincial tax tables have been updated for New Brunswick as per T4127JUL(E) Rev.21\07 114th Edition (Option 1), Jul 1, 2021.
2021 Canadian Payroll version 120 (effective Jan 1, 2021) for NV1 is now available. This update is required by all NV1 payroll users in Canada.
- For the 2020 tax year, the CRA has introduced additional reporting for the T4 slip. In addition to reporting employment income in Box 14 or Code 71, four other information codes 57, 58, 59 and 60 must now report employment income and retroactive payments in four periods. This leaves only two other information boxes on the T4 that can be used for reporting typical non-cash taxable benefits and other information.The CRA website provides the following notes when more than six other information codes apply:
- If more than six codes apply to the same employee, use an additional T4 slip. Do not repeat all the data on the additional slip. Enter only the employer’s name and address, the employee’s SIN and name, and fill in the required boxes in the “Other Information” area. Report each code and amount only once.
Unfortunately, NV1 is not capable of printing a second T4 for the same employee if more than six codes apply. See Info for NV1 Users for more.