Advances. This income
tracks pay advances that you might
provide to employees. You cannot change the applicable taxes for this
income.
Loans. This income
tracks pay advances, not subject to taxes, that you might
provide to employees.
Benefits. This income only tracks non-insurable taxable benefits subject to federal tax for employees in all provinces. (For employees in Québec, this income can be used to track benefits that are not subjected to Québec provincial tax.) You cannot change the applicable taxes for this income. If you want to control where certain benefits are reported on T4s or customize the kind of taxes you want to track for a benefit, you can set
up new payroll incomes.
Benefits
Québec. This income tracks non-insurable taxable benefits exclusive to Québec. You cannot
change the applicable taxes for this income. If an employee receives more than one Québec benefit and you want to control
where benefits are reported on RL-1s, you can set
up new payroll incomes.
Vacation
Earned. This income tracks the amount of vacation pay an employee
has earned. You cannot change the applicable taxes for this income.
Vacation Paid. This income tracks vacation pay that you have released to an employee. You cannot change the applicable taxes for this income.
Regular. This income
tracks hourly wages paid to employees. If you have staff that work on
salary, use the Salary income. You can change
the taxes that apply to this income.
Overtime 1 & 2.
These incomes track overtime pay that employees receive. Multiple overtime
incomes are provided in case you need to have two different overtime pay
rates. Their tax settings, however, should be the same. You can change
the taxes that apply to this income.
Salary & Commission.
Use these incomes to track employee salaries and commissions. If your
company doesn't pay employees by salary or handle commissions, you can
rename these incomes and change the applicable taxes.
Note: If the taxes
applied to any of the pre-defined incomes do not match the taxes that
apply to incomes specific to your company, use one of the undefined incomes
to set up a new income with the correct taxes.