Sage 300 Canadian Payroll – January 2024 Tax Table Updates

In the dynamic world of finance and payroll management, staying abreast of software updates is not just a matter of efficiency—it’s essential for compliance and streamlined operations. For businesses leveraging Sage 300 Canadian Payroll, understanding the latest software updates is crucial. This post delves into these updates, highlighting what you need to know to ensure your payroll processes remain seamless and compliant.

Sage released its January 2024 Payroll Tax Table Update in late December for those customers who are using Sage300 Canadian Payroll Version 7.3 or higher.

Please Note: This Update should be applied after the posting of the last payroll in 2023 and prior to the calculation of the first payroll to be paid in 2024.

Software Requirements

To use this product update, you must have Sage 300 Canadian Payroll 7.3 or 8.0.  Please note that after March 2024, the tax table updates will only be available for Canadian Payroll 8.0

Canadian Payroll 8.0 is only supported with Sage 300 Version 2022, 2023 and 2024.  Please contact your Business Partner if you are using older versions of Sage 300.

What’s New?

Employer-Offered Dental Benefits (Canada)

Employers are required to give the Canadian Revenue Agency (CRA) information about any dental care insurance or coverage they may offer, beginning with the 2023 tax year.

The T4 will contain any dental care or insurance that was offered to workers or their families as of December 31 of the tax reporting year.

This is going to be an annual requirement starting in 2023.

The Canadian Dental Care Plan (CDCP) will be implemented by the federal government using the dental benefits information provided by employers.

For Canadians without health insurance, this plan will offer dental treatment based on their annual income and financial circumstances.

​The dental benefit data is only used by CRA and has no bearing on any of your pay run values or payroll.

Additional CPP2 and QPP2 Calculations:

During data activation the following updates occur:

• The additional Canadian Pension Plan (CPP2) and additional Québec Pension Plan (QPP2) are added in the Income Taxes window.
• For existing employee records with CPP assigned on the Taxes tab in the Payroll Employee window, CPP2 will be added.
• For existing employee records with QPP assigned on the Taxes tab in the Payroll Employee window, QPP2 will be added.

Important – Regarding Third Party Products: If you use third-party products that integrate with Sage 300 Payroll, check with the vendor of your third-party product to ensure their product is fully compatible with this release. If you integrate with other Sage products, check with your business partner to ensure that these components are compatible.