Canada | How do I add a loan deduction to an employee's payslip?

Canada | How do I add a loan deduction to an employee's payslip?

A Loan Deduction component has to be configured on Company Level prior to adding the component to an Employee Payslip

Step 1: Search for and select the Loan Deduction component.

      Navigate > Config > Payroll > Payroll Config > Payroll Components

      

      

      

Step 2: Add the Loan Deduction component to the employee's Recurring Payroll Component screen. Complete the 'Initial Loan Amount' and 'Installment' before saving your component setup to ensure that the applicable value reflects on the Edit Payslip screen.

      Navigate > Employee > Payroll Processing > Recurring Payroll Components > Deductions

      

    • Related Articles

    • How do I add the Beneficial Loan component?

      A director or employee receives a benefit through their employment if they are provided with a low-cost or interest-free loan. The employee is typically liable to pay tax on the difference between the interest calculated at the official rate and any ...
    • How do I add the Advised Deduction component?

      The Advised Deduction component needs to be configured on company level before linking it on employee profiles. Step 1: Search for and create the Advised Deduction component. Navigate > Configuration > Payroll > Payroll Config > Payroll Components ...
    • Recurring Components

      Go to "Employee" in your Payspace dashboard and switch employees using the left and right arrows, or use the search bar. Open Screenshot 2024-07-05 050442-20240705-080457.png In the side menu, click on "Payroll processing" and then on "Recurring ...
    • Canada | How do I submit an ROE to Service Canada?

      After an ROE record has been created for an employee, it must be submitted to Service Canada. Submissions are managed from the Government Hub, accessible via the Interface Portal menu item. Navigate > Interface Portal > Government Hub The Submission ...
    • Canada | How do I resolve the ROE error: "R1000065 - Insurable Earnings Amount in Pay Period 1 must be from 1.00 to 9,999,999.99 inclusively"

      This error relates to the Insurable Earnings linked to Pay Period 1 being zero or in a negative. This is due to Services Canada requiring an amount between 1.00 to 9,999,999.99 for the Insurable Earnings. Navigate > Interface Portal > Government Hub ...