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TDJay
January 21, 2021
Question

TFSA & RESP in Payroll

  • January 21, 2021
  • 1 reply
  • 0 views

Trying to set up payroll on the online version of Quickbooks.  I'm trying to match what the desktop version has and I'm having issues.  I cannot find a taxable benefit that allows CPP, EI and Income Tax to come off.  I know the RRSP doesn't have to have income tax come off the paycheque but with the RESP and TFSA it should.  There's not even a drop down menu option to have RESP or TFSA that I can find anywhere. 

So frustrating, we want to switch over the payroll to the online version as we do everything else there but it doesn't function as nicely as the desktop in terms of what we can deduct etc. 

I've tried chats and phonecalls with Quickbooks support with little help.  Going to try to speak to a Payroll specialist. 

Anyone have any work arounds to get RESP, TFSA and RRSP to function correctly?  I have to do the Employee RRSP contribution separately as we want it from Net Pay.

Thanks!!

1 reply

Rebecca R
Rebecca R
January 21, 2021

Hi there TDJay,

 

I love that you're looking to switch to QuickBooks Online Payroll to pay your employees and track your payroll taxes. While both QuickBooks Desktop and Online Payroll have awesome functionalities, I know having the ability to work from anywhere with the Online version is a benefit to many businesses. It's important that you're able to correctly set up your employee's deductions and benefits so that your payroll and taxes are accurate. Let me give you a hand.

 

Setting up an RRSP contribution is fairly simple, so I'll start there. Please follow these steps to set one up for your employees:

 

  1. Navigate to the Payroll menu, then choose the Employee tab.
  2. Click on the employee you'd like to add RRSP for.
  3. Hit the Edit pencil on the Pay section, or scroll directly to number 6 - Does your employee have any deductions or contributions?
  4. Select + Add deductions.
  5. From the dropdown for Deduction/contribution type choose Retirement Plans.
  6. Select Registered Retirement Savings Plan from the Type dropdown.
  7. Enter the Provider, Employee deduction details, and Company-paid contribution details if relevant.
  8. Hit OK to save your changes. Then hit Done.

 

We don't have an option for setting up RESP or TFSA deductions or contributions within QuickBooks Online Payroll, as it's a basic payroll program, but there may be a workaround that you can use. I want to encourage other members of the Community to chime in if they've had experience with this, but I'd also recommend reaching out to an accountant. If you're working with one already, you can invite them to work with you in QuickBooks by navigating to the My Accountant tab. The same tab features the Find a pro to help button which you can use to find a QuickBooks-certified Pro Advisor in your area to assist you with questions like these.

 

If you'd like to see some increased functionality when it comes to the Deductions and Contributions that are provided within QuickBooks Online Payroll, I encourage you to reach out to our product development team using the Feedback option within the Gear icon. They love hearing feedback from our users and are keen to make improvements based on what you'd like to see.

 

Let me know if there's more you need help with, I'm happy to lend a hand so that you can get started using QuickBooks Online Payroll. Have a great day!

T
TDJayAuthor
January 21, 2021

Thanks for the reply.

 

That particular RRSP does not have income tax deducted where we want it to.   It's not functioning the same way as the desktop version.

 

RESP and TFSA are a very typical thing these days, I'm extremely surprised there is nothing available for deductions/contributions for those.

 

It's a shame you removed the advanced Quickbooks payroll.  Some companies have a higher need for more complex payrolls and not providing that is frustrating.

 

PatriciaT
PatriciaT
January 21, 2021

Hi TDJay,

 

I know how important it's to have the best payroll system for your business needs. It's true that the system doesn't have TFSA pre-setup for you, but you're welcome to follow the steps above shared by Rebecca and select other deductions at step 5, then other after-tax deductions to see if the deduction tax settings could suit your need for TFSA. One of the reasons why we removed Advanced Payroll powered by Wagepoint is to invest more in Online Payroll, so feel free to submit feedback directly to our engineers as suggested above. Knowing exactly what our customers want in the program helps us expand and innovate the product to offer the best QuickBooks experience we can. If you'd prefer to explore Wagepoint in the meantime, you can visit our Apps menu to establish a sync. with your QuickBooks Online account. 

 

You're always welcome to stop by if you need anything else. Have a great day!

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