UPDATE: Apparently the problems plaguing the R7 update in the US could be problems in Canada as well. According to tech support, the R8 update (payroll) will be released by the end of June. It is advised that you wait!
QuickBooks released their 2013 R7 update this week. If you’ve selected the option for automatic updates, you should be prompted to install the update when you open QuickBooks. The other option is to manually install the R7 update. Here’s a link to the instructions as well as the R7 release notes:
The R7 update includes the July 2013 (97th Edition) Tax Table, which you’ll need before processing payroll in July. To confirm you have the correct tax table:
Employees > My Payroll Service > Tax Table Information. From there you can click on the Tax Table Info button for more detailed information.
One important thing I noticed about this release is that they’ve removed the Samples of Common Payroll Items guide from the HELP menu! Rather than a handy chart, they now direct you to the CRA website. I’m not a fan of this change! I loved the Samples of Common Payroll Items guide. However, I’ve been told by the folks at Intuit that this change is permanent.
TIP: before updating your file to R7, copy and paste this guide into Word.
That said, it’s always been a good idea to consult the CRA and Service Canada websites when setting up your payroll items. Look for the T4130 Employers’ Guide – Taxable Benefits and Allowances on the CRA website and information about insurable earnings on the How to Complete the Record of Employment Form on the Service Canada website.