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Payroll Taxes & Forms – Canada & USA

QuickBooks Payroll Taxes & Forms

With QuickBooks Online software the user can record the payments due and completed for payroll taxes. This service is available with QuickBooks Online Payroll software.

The user can choose from any of the three options listed below:

  • Only save the changes made.
  • Save the change and then print it.
  • Print a check.

The checks once printed are sent to CRA (Canada Revenue Agency).

Additionally, QuickBooks Online Payroll software is equipped to judge and inform the user how much taxes needs to be paid at the point when payroll taxes needs to be remitted. The software itself is furnished with a long list of myriad reports of payroll that when generated helps the user to fill in the tax forms like PD7A, along with detailed and informative reports regarding both employee and employer such as Payroll summary, Record of Employment, tax liable. To remit taxes to CRA, users can generate a form called T4 and distribute it to the employees to be filled in with complete and authentic details.

To value how much payroll taxes need to be paid along with recording it in the software follow the instructions below:

  • Go to the navigation bar and locate the Taxes tab. Click on the Payroll Tax option from the menu opened under the Taxes tab.
  • Now select the Pay Taxes option.

Under this the user can also have a look at their tax liability, Tax payments already made, edit the setup for Tax, and record all the Tax payments made but not entered.

To Setup Payroll Forms and Reports

  • In the navigation bar on the left side of the QuickBooks payroll screen, look for Taxes followed by Payroll Tax from the menu bar.
  • From the Forms, category click on the Monthly, Annual, or Employer Forms option. 
    • Under the Monthly Forms category, users can generate Tax forms as well as worksheets like PD7A on a Monthly or Quarterly basis.
    • In the Annual Forms Category, the user can generate a T4 slip for both employee and employer along with a T4 summary. T4 slip (employee) is nothing but a statement of the paid remuneration for the employees. T4 slip for the employer can be E-filed with QuickBooks Online Payroll software.
    • The user can generate a T4 summary, a T4 slip for employees, and an employer both for all the employees. However, there is only one form that the user can export via XML file format to CRA with QuickBooks Online Payroll software – T4 Slip for Employer.
    • ROE (Record of Employment) can be generated under Employer forms.
  • Send and File T4 data with CRA (Canada Revenue Agency) 
    • From the navigation bar select the Taxes tab.
    • Now click on the Payroll Tax option.
    • Now select Annual Forms from the current menu.
    • In the new screen opt for the T4 slip (employer) option. Ensure that the transmitter number is kept handy while filing for this form. QuickBooks Online is equipped to file only this form online.
    • It is recommended that the user should click on the View option and then print out the electronic copy while saving it for any reference in the future. This form can also be mailed directly to CRA along with the T4 summary. In case the user mails the form physically, rather than electronically, then it is imperative to send the T4 summary form along with the T4 slip (employer).
    • Now go back to the main screen of QuickBooks Online and then click on Submit button which will automatically send all the T4 slips in the XML file. However, the user will be needed to submit the details again on the website of CRA.
  • To submit all the T4 slips to CRA Website follow the enumerated instructions: 
    • First, start by exporting the T4 files. They will automatically get saved on the system in XML format and garner an archive copy on QuickBooks Online.
    • Now look for the T4 file in the computer system and note down its complete name accurately along with its location.
    • Open the CRA website – http://www.cra-arc.gc.ca/menu-eng.html
    • Select the Businesses tab followed by the File a Business Return option.
    • Select on the option stating T4 (payroll), T5 (investment) or other information return slips. Next click on File by Internet file transfer (XML).
    • Now select Enter Internet File Transfer (XML) secure website, then read through the terms of services displayed and click on the I Agree to option.
    • You will now receive a Web Access Code from the CRA website. Enter this information with the Account Number.
    • Browse and locate the T4 file in XML format and upload it to the website.
    • Now click on Submit button. Ensure that the user has kept a record of the time and date of submission for future reference.
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