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Year-End FAQ for Employees

The first pay of a new year often sparks some questions from employees. We've put together a list of the most commonly asked questions as a resource for payroll managers to share with their teams.

1. Why is my pay less in January than it was in December?

Check your December 2023 pay statement to see if you maxed out on your CPP and EI contributions in 2023. Remember that CPP and EI restart every January.

Additionally, CPP, QPP, EI, and QPIP have increased, which means you’ll be paying a little more in 2024. The new employee annual maximum contributions for 2024 are:

  • CPP: $3,867.50

  • eCPP: $188.00

  • QPP: $4,160.00

  • eQPP: $188.00

  • EI: $1,049.12

  • Québec EI: $834.24

  • QPIP: $464.36

2. How much am I allowed to put into my TFSA during 2024?

The TFSA limit for 2024 is $7,000.

3. Why do I need to review my TD1s each year?

A new TD1 ensures that you inform us of any changes in your life that could impact your income tax calculations. This could include having a new dependent, becoming a caregiver, or recently enrolling in school. If changes are needed, sending new TD1s to your payroll team ensures your taxes will be calculated accurately at the source, your pay.

4. How do I prevent the additional tax from coming off my pay this year?

If additional tax was deducted in 2023, but you want to change the amount or no longer want extra tax deducted, then complete a new federal TD1. You’ll need to send the new TD1 to your payroll team so they can make the necessary adjustments to your pay.

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