Hi there financial-cpabc,
It never hurts to get a head start on prepping for your year-end forms, and familiarizing yourself with the way that QBO's Payroll services handle forms like T4s is a great step toward that. At Intuit, we know there have been many changes in the way that people have received income, paid employees, and handled payroll over the past year, and our goal is to make sure that our users have the information they need to properly file with these changes. I'd be happy to go over the new codes on T4s in the software.
Our payroll team works closely with the Canadian Payroll Association and CRA regulations to ensure that our forms and the way the data is processed meets government mandates. Because of that, when the CRA sent out word about new codes and fields for T4s because of the pandemic, our development teams got to work to learn how to best implement these fields into the program. The team aims to have these forms ready to go for tax filing season in the new year with as minimal effort from you as possible.
QuickBooks Online Payroll doesn't automatically file forms for you, but the information should be available for you in the new year. This article can help: How to prepare T4 slips and summary. Here's another article you can keep on hand for working with year-end tasks with payroll: QuickBooks Online Payroll Year-end
If you happen to be using Advanced Payroll powered by Wagepoint, there's an important change coming up with how that service is handled. Advanced Payroll will be exclusively handled by Wagepoint starting in just a few days, so I encourage you to not only read the following article, but also to reach out to Wagepoint to learn how their system will handle these changes: QuickBooks Online Advanced Payroll to Wagepoint. That article includes a link to the Wagepoint website, where you'll be able to get in touch with their team after.
Don't hesitate if you've more questions about how QuickBooks Online Payroll will be handling these changes. I'm here to help in whatever way I can.