Microsoft Dynamics GP Mid-Year Tax Update Available Soon
A mid-year tax update will become available on June 22, 2018 for Microsoft Dynamics GP to reflect the provincial changes that have been announced for Ontario and Prince Edward Island, effective July 1, 2018.
These changes apply only to companies that use the Canadian Payroll module and have employees in the provinces of Ontario and Prince Edward Island.
- Ontario: Changes for the 2018 taxation year include new tax rates for individuals and income thresholds, along with the elimination of the Ontario surtax. Some employees have been taxed at a different rate for the first six months, so a prorated rate will apply for the remaining six months, starting with the first payroll in July.
- Prince Edward Island: Effective January 1, 2018, the basic personal amount has been increased from $8,160 to $8,660. Since $8,160 has been used for the first six months of the year, a basic personal amount of $9,160 will be used for the remaining six months.
For more information, please review the Canada Revenue Agency Payroll Deductions Formulas document. Furthermore, please note that no update will be released for Microsoft Dynamics GP 2013. If you are using GP 2013 and have employees in Ontario or PEI, please contact us to schedule an update to GP 2016 or GP 2018.
Clients will be contacted directly as soon as more information becomes available.