As we close the 2013 year we are reminded of new changes occurring in 2014. The Canada Revenue Agency has announced the finalization to new Annual Maximum amounts and the TD1 forms for the 2014 payroll year.
TD1 forms
Making your employees aware of the upcoming changes provides them with the opportunity to research any additional credits that they may qualify for. For further information on the TD1 forms please see the link below.
To access the 2014 TD1 forms both Federal and Provincial please use the link below.
Source Deductions
In the New Year employees who have reached the Annual Maximum Pension and Insurable contribution amounts in 2013 were the contribution ceased, in 2014 on the first payment for these employees the deductions will be reinstated as the contributions are set back to $0.00.
The Canada Revenue Agency has confirmed that the Annual Maximum Pensionable and Insurable Earnings will be increasing in 2014.
CPP – Canada Pension Plan
• Maximum Pensionable Earnings – $52,500.00
• Employee maximum contribution – $2,425.50
• Employer maximum contribution – $2,425.50
QPP – Quebec Pension Plan
• Maximum Pensionable Earnings – $52,500.00
• Employee maximum contribution – $2,535.75
• Employer maximum contribution – $2,535.75
EI – Employment Insurance
• Maximum Pensionable Earnings – $48,600.00
• Employee maximum contribution – $913.68
• Employer maximum contribution – $1,279.15
EI QC – Quebec Employment Insurance
• Maximum Pensionable Earnings – $48,600.00
• Employee maximum contribution – $743.58
• Employer maximum contribution – $1,041.01
QPIP – Quebec Parental Plan
• Maximum Insurable Earnings – $69,000.00
• Employee maximum contribution – $385.71
• Employer maximum contribution – $539.58
Mackenzie Schick / Payroll Administrator / PEO Canada