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Z
zmaleki51
June 4, 2021
Question

How QBO payroll reflects the following item in T4 Boxes?

  • June 4, 2021
  • 2 replies
  • 0 views
I wonder in which T4 box the following items are reflected. ACCORDING TO THE CRA MANDATES, when I see the T4 boxes for them in the QBO payroll it doesn't show the right T4 boxes. Severance pay Stock Opt DSUs Stkpyout

2 replies

T
Tammy_H
June 4, 2021

Hi zmaleki51,

 

I know having your payroll recording in the correct T4 boxes is important to keep accurate records. QuickBooks Online Payroll allows you to create pay types. I can provide you with the information used for supported pay types for your T4's.

 

Other earnings such as severance pay are taxable payments to an employee that are separate from regular wages. These amounts are included in the wage base used to calculate percentage-driven deductions. This article goes through how the pay types are reported on your T4's: Supported pay types and deductions explained; Income reporting for T4's. Other earnings are recorded in Boxes 14,24,26,56,40, which you'll find in the chart in the article. You can check out the Government of Canada Labour Program website for more information.

 

I'll be here if you have any other questions. Take care.

 

Z
zmaleki51Author
June 5, 2021

Hello Tammy, 

Thank you for the information. We have an employee that we should pay him Severance pay. According to the CRA mandate, we must report his pay in boxes 14 and 67 of T4. However, the Severance pay section of QBO (see attached screenshot) shows this pay will report in boxes 14, 24, 26, and 56 of T4.  Same for Stock  Option pay, it should report on boxes 14, 26, 38 and 39, while in the QBO it is mentioned that will report on boxes 14, 24, 26 and 56 of T4. 

Is there any way for me to change these boxes? 

Thank you

Zahra

T
Tammy_H
June 7, 2021

Hi Zahra,

 

Thanks for chiming back in. QuickBooks Online Payroll offers the most common pay types to calculate the taxes automatically and include them on the forms. You're able to set up your other earnings. The boxes used on the T4 are pre-set, and there's no ability to make changes at this time. If you'd like to see more options for editing the T4 boxes considered in future updates, I invite you to provide feedback. 

 

To submit your suggestions, follow these simple steps:

  1. Go to the Gear Icon.
  2. Select Feedback.
  3. Fill in your great ideas, and submit feedback.

If you have any other questions, please reach out. Take care.

 

 

A
aytajalli
June 7, 2021

Thank you so much Tammy for your response, 

I have two questions as follows: 

1- Is there any way that I can check the T4 boxes for any payments to our employees? 

2- Is there any way to manually change the T4 boxes when filing the T4s. 

Thank you in advance for your response. 

 

 

T
Tammy_H
June 7, 2021

HI aytajalli,

 

When you supply your employees with their T4's, you want to be sure they are correct. QuickBooks Online Payroll contains a chart with the T4 boxes to refer to. I can explain where you can find the T4 box information.

 

When you review a pay type or contribution, a dropdown arrow opens a chart with the tax information. This article includes charts for both; Tax breakdown of Pay Types, Deductions, and Company-paid Contributions. At year-end, QuickBooks will create the T4's based on the information input through the payroll module, which is based on the tax set up in the pay types, deductions and contributions. At this time, the only way to make changes would be to create your T4's outside of QuickBooks manually. As mentioned above, if you'd like to see this as an option in future updates, send in your feedback.

 

If you require any assistance with this, reach back out. I'll be here to help. Take care.

 

 

 

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