![]() Second additional CPP contributions (CPP2)Īs per Canada Pension Plan Regulations Subsection 5.1 (1), for the year 2024 and each subsequent year, pensionable earnings between the Year’s Maximum Pensionable Earnings (YMPE) and a second earnings ceiling, referred to as the Year’s Additional Maximum Pensionable Earnings (YAMPE), are subject to CPP2 contributions. We recommend that you use the new payroll deductions tables in this guide for withholding starting with the first payroll in January 2024. At the time of publishing, some of these proposed changes were not law. This guide reflects some income tax changes recently announced which, if enacted as proposed, would be effective January 1, 2024. ![]() The major changes made to this guide since the last edition are outlined. Calculate total tax and the tax deduction for the pay period.Example – Annual Pensionable Income Below YMPE.Step-by-step calculation of tax deductions.Deducting tax from income not subject to CPP contributions or EI premiums.Additional information about payroll deductions.Section D – Federal tax deduction tables.Section B(ii) – Second additional CPP contributions tables. ![]()
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