CANADIAN: How to update payroll calculations before processing the first payroll

Before processing the first payroll in the new year, adjust rates/maximums for the Canada Pension Plan, Employment Insurance, and other payroll calculations. Also, review and adjust the accrual values for vacation hours and sick hours.

Make the corrections and adjustments from the 5-3-1 Payroll Calculations in your active
company folder. Some or all of these recommendations may pertain to your company:

1. Update Employment Insurance (EI) default rates and default maximums. Do not forget to select Options, Update Employees, All Employees after saving the changes.
2. Correct Canada Pension Plan (CPP) default maximums. Do not forget to recall the calculation and select Options, Update Employees, All Employees after saving the changes.
3. Rates can be verified at http://www.cra-arc.gc.ca/tx/bsnss/tpcs/pyrll/clcltng/cpp-rpc/menu-eng.html
4. Delete, alter, or add payroll calculations in 5-3-1 Payroll Calculations. For example: if you have any payroll calculations you are no longer using, these can now be removed. If the changes apply to all employees with these calculations, select the appropriate update option from the Options menu.
5. Reset sick and vacation time accrual for eligible employees, from the 5-2-1 Employees, Compensation tab, only if leftover hours do not carry over to the next year for your employees, per your company's policy.
6. Adjust employee calculation maximums on the 5-2-1 Employee records, Calculation tab, to reflect what has been collected in prior years. For example, you may need to adjust employee loan repayment or garnishment maximums.

Canadian: How do I update payroll calculations? (video)