Sage 50 Accounting 2021.2 Canadian Edition Release Updates
New Features & Product Improvements
Multi-user optimization for Remote Data Access for Premium & Quantum
With certain exceptions when using Remote Data Access, you can now switch from single-user mode to multi-user mode or vice versa without needing to close Sage 50. This update simplifies your workflow and saves you time.
AutoEntry + Remote Data Access for Pro, Premium & Quantum
When working in a shared company and using AutoEntry, you no longer need to pause sharing before downloading transactions from AutoEntry.
Enhancement to Bank Feeds
When importing transactions from your bank, you can quickly process transactions in the Match Transactions window.
Government compliance
Payroll tax updates for July 1, 2021
If you have a support plan that includes payroll tax updates, you benefit from timely and comprehensive in-house payroll processing within Sage 50 Accounting to help you save time and reduce the risk of payroll tax penalties at year-end.
Resolved Issues
Improvements for Sage 50 Cloud
The following issues have been resolved:
(Pro Accounting and higher) The help topics for Project Income and Allocation reports have been updated to show correct information regarding financial history for Pro Accounting, Premium Accounting, and Quantum Accounting.
(Pro Accounting and higher) In the reports for Vendor List, Vendor Group List, Customer List, and Customer Group List, the YTD column headers have been improved with the addition of either Fiscal Year or Calendar Year.
(Premium Accounting and higher) After a shared company is closed with an auto backup, the data is closed properly and other users are not locked out of their copy.
(Premium Accounting and higher) When processing recurring Sales transactions in the Daily Business Manager in multi-user mode, if a user posts a transaction that updates the due date to the next fiscal year, and another user posts the same transaction without refreshing the DBM, the second posting will now be correctly blocked.
(Premium Accounting and higher) In some rare cases, the item cost would be calculated incorrectly when building an item on the fly in Sales. This has been fixed.
Payroll tax changes – Effective July 1, 2021
Important! If you have a support plan that includes payroll tax updates, your Product Update includes the payroll tax changes for July 1, 2021. For complete details on the CRA income tax changes, contact your local tax services office or visit the CRA web site (http://www.cra-arc.gc.ca/).
Your payroll update reflects the federal and provincial tax schedules in effect on July 1, 2021, as stated in the latest edition of the documents Payroll Deductions Formulas and Employers’ Guide – Payroll Deductions and Remittances from the CRA, Revenu Québec’s Guide for Employers: Source Deductions and Contributions, as well as the schedules of Employment Insurance, Canada Pension Plan, and Québec Pension Plan.
What’s new in this tax update
This tax update contains changes to payroll tax tables and Sage 50 Accounting payroll tax calculations. This document addresses only the payroll tax changes that may require you to adjust your payroll records.
Changes to tax brackets and rates
The following changes have been announced for either tax rates or income thresholds. These changes are effective July 1, 2021, unless otherwise stated. Important!
New Brunswick
In May, the Government of New Brunswick announced a reduced tax rate for the first tax bracket, effective January 1, 2021. The existing rate of 9.68% has been reduced to 9.4%.
Note: For the remainder of the year, a prorated tax rate of 9.12% will apply to existing employees who have been taxed at 9.68% for the first six months.
Ontario
Workplace Safety and Insurance Board Maximum Assessable Earnings
In April 2021, Ontario announced a change from $102,800 to $97,308 for WSIB.
