2023 British Columbia Payroll Info
British Columbia uses a 'step' table for income tax withholding calculations. Tax withholding tables and formulas changed in 2023 (the steps are indexed for inflation every year). The BC calculation uses an additional credit table, which is automatically included in the payroll import.
Employee Dependents
Enter the number of employee dependents into the Local Exemptions field in each employee’s account record.
British Columbia Provincial LCP
The LCP program has been restored, although most employees probably will not use it.
If your employees take a deduction for the labour-sponsored funds annual provincial tax credit (LCP), create a tax item for their LCP credit. To do so, follow these steps:
You'll also need to assign the credit to the employee. follow these steps:
If two or more employees use different amounts for LCP, each one will require a separate tax item with the correct amount, and a tax package that includes their deduction.
Payroll Links:
Goldenseal Payroll Software Info
Free 2023 Payroll Tax Table Updates
Click here for more about Goldenseal payroll accounting software.
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