From the Microsoft Dynamics GP Blogs: Canadian payroll changes; EFT payment register; AIM migration program; Underused GP tools

In this review of the Dynamics GP blogs:

• 2024 changes to Canadian payroll
• CRA T619 change for 2025
• Microsoft AIM migration program
• Underused tools you own: Safe Pay and EFT for Payables

2024 changes to Canadian payroll for Dynamics GP

Writing on the Encore Business Solutions blog, Debra Huntly stated that although the year-end tax update for Dynamics GP isn't available yet, she decided to share what she knows so far. 

Huntly noted that there aren’t many changes from last year. She wrote that some tax credits and brackets have been updated. However, she pointed out that the major changes happened last December, so there likely won't be big issues this year. She added that there aren't any new reports or form updates to worry about.

Huntly stated that the changes Microsoft is currently working on include:

• CPP2: The extra amount of earnings counted for pensions will increase from about 7% to 14% of the maximum earnings limit in a year.
• Alberta: Benefits will increase by 2% each year under a new bill, but only if 2% is lower than Alberta’s inflation rate. This year, inflation is 2.9%, so the increase will be 2%.
• Manitoba: Manitoba now has a basic tax exemption that gradually decreases for incomes between $200,000 and $400,000. If you earn more than $400,000, you won’t get this exemption.
• Nova Scotia: Nova Scotia is changing how it adjusts tax rates each year. This will impact income tax brackets and certain tax credits.
• PEI: PEI is changing tax rates for all tax brackets.

In her blog post, Huntly also wrote about Canadian payroll 2024 tax update T4 XML submission errors and how to fix them. She also provided information about the new T4 requirements, 2024 tax year for code 94 and code 95 regarding tax-exempt employment. 

CRA T619 change for 2025

On her blog, Jen Kuntz also wrote about changes to the Canadian tax law and the impact of those changes on Dynamics GP Canadian payroll. She stated that Canada Revenue Agency's (CRA's} T619 change might impact a few people, and it's causing some confusion among those transmitting T4 or T5 XML files.