Effective September 1st 2014, Samco Software will be updating software in order to comply with the changes outlined below. The update will be available from mid August 2014.
This update will be available to all Payroll users, and release notes will also be made available closer to the release date.
According to the Canada Revenue Agency and the Ontario Government they will implement personal tax increases retroactive to January 1, 2014 for employees earning over $150,000
The Canadian Payroll Association summarizes their legislative briefing as follows:
- Increased taxes from employees earning more than $150,000 to be implemented through higher payroll deductions from September to December and/or on 2014 tax returns
- CRA publishes revised Ontario tax tables to implement retroactive Ontario tax increases for employees earning over $150,000
- CRA agrees to no penalty approach for employers
- Discussion points for payroll staff and management: Who will be impacted and how?
- Next Steps for Payroll Staff
Click here to read the briefing. Below is a table of current and new tax rates and income thresholds.
If you have an questions please feel free to contact us: