Sage 50 Accounting—Canadian Edition (Release 2021.1)

This product update covers all product solutions of Sage 50 Accounting (Release 2021.1) and includes the updates from previous releases.

What’s new and product improvements!

New features and product enhancements for Pro, Premium & Quantum

Government compliance

Canada Revenue Agency and COVID-19

CRA has changed reporting requirements due to COVID-19. With Release 2021.1, employment income during COVID-19 pay periods are now automatically calculated and reported on T4s. Sage helps you keep your business compliant.1

Payroll tax updates for January 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.2

Resolved Issues

The following issues have been resolved:

  • Auto Backup was locking the database, which interfered with using Remote Data Access and converting the company file. This has been fixed.
  • When creating a Trial Balance report with the option Net Changes for Period, bank deposit transactions are no longer missing from the report’s For Period columns.
  • After processing an order with an inventory item and then changing the item number for that inventory item, any subsequent adjustment to the order will now properly affect the original item.
  • In Sage Accounting, if you processed an invoice and then turned off the regional tax for that invoice, you would get a generic error when downloading the transaction to Sage 50. The message has been improved to help clarify the steps needed to correct the problem.

Payroll tax changes – Effective January 1, 2021

Important! If you have a support plan that includes payroll tax updates, your Product Update includes the payroll tax changes for January 1, 2021. For complete details on the CRA income tax changes, contact your local tax services office or visit the CRA web site.

Your payroll update reflects the federal and provincial tax schedules in effect on January 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.

1 You need a service plan that includes payroll.

2 You need a service plan that includes payroll.