What is the TD1 indexing option in Employee setup?

Each tax year, the provincial and federal TD1 forms may be indexed. This means that certain personal amounts will increase based on changes to the Consumer Price Index. The Canada Revenue Agency and Ministère du Revenue Québec will provide you with the indexing factors each year. You can quickly update the provincial and federal TD1 personal claim amounts for all of your employees in the employee setup (select Payroll from the Setup menu and then select Employees from the left menu panel). Only enter the amount of the increase for the index value.

Last updated on February 17, 2014 by FCC AgExpert