Important Payroll 2023 Year End Actions and Updates

With 2024 around the corner, here are some important updates about payroll deadlines, tax forms, statutory deductions, and actions to ensure your personal and emergency contact information is current.

TO ACTION

Update your Address & Emergency Contact information

• To ensure your T4 has the correct home address and your personal data is correct relating to insurance (benefits) and/or pension, review your address and emergency contact information by January 5, 2024. More information and a reference guide here.

Tax Forms

• Is your tax situation changing in 2024? If so you may want to submit updated 2024 TD1 & TD1AB forms to the Staff Service Centre. Forms will be updated here as soon as they’re available from the CRA.

TO KNOW

2024 Payroll Deadline Chart

• The Payroll Deadline Chart has been updated for 2024 . Please review the updated eForm/pay action form deadlines, time entry deadlines, time approval deadlines, pay confirm dates and pay dates. 
• Don't forget to subscribe to the payroll calendar.

Statutory Deductions

• For Canada Pension Plan and Employment Insurance, there are yearly maximum contribution amounts. Once these maximums are reached during the taxation year the contributions will cease. 
• The Canada Pension Plan enhancements introduced in 2019 are transitioning into phase 2 of its planned changes.
  • The yearly max pensionable earnings (YMPE) for 2024 has been set to $68,500. Earnings up to $68,500 will be set at a contribution rate of 5.95%. 
  • Starting in January 2024, a 2nd level Yearly Additional Max Pensionable Earnings (YAMPE) contribution rate of 4% will apply on earnings between $68,500 and the 2nd level limit (YAMPE) of $73,200 known as CPP Enhancement. 
  • For more information on the CPP Enhancements, please refer to the CRA website.
• Reminder: You may notice a change in your take-home pay as the deductions re-start for those who maxed out these contributions in 2023.

Questions? Contact the Staff Service Centre.