Important Payroll 2022 year end actions and updates
12 December 2022
With the new year comes updated payroll calendars, Public Service Pension Plan (PSPP) rates, tax forms, statutory deduction limits, and actions to ensure your T4 is correct. Here’s what you need to do and know about these changes for 2023.
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 6, 2023. More information and a reference guide here.
Tax Forms
- Is your tax situation changing in 2023? If so you may want to submit updated 2023 TD1 & TD1AB forms to the Staff Service Centre. Forms will be updated here as soon as they’re available from the CRA.
TO KNOW
Public Service Pension Plan (PSPP) 2023 Rate Updates
Effective January 1, 2023, new Public Service Pension Plan (PSPP) reduced contribution rates go into effect:
|
YMPE |
Contribution rates for 2022 |
Contribution rates for 2023 |
|
Below YMPE* |
9.60% |
8.3% |
|
Above YMPE |
13.70% |
11.9% |
|
Yearly Maximum Pensionable Earnings (YMPE) |
$64,900 |
$66,600 |
You can find more information on your PSPP here and on the PSPP website: http://www.pspp.ca.
2023 Payroll Calendar
- The Payroll Deadlines have been updated for 2023. 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 deduction changes
- Deduction rates for Canada Pension Plan (CPP), Employment Insurance (EI) and Workers Compensation Board (WCB) have been updated for 2023.
- These changes are effective for the first payroll paid in January. You may notice a change in your take-home pay as the deductions re-start for those who maxed out these contributions in 2022.
Questions? Contact the Staff Service Centre.