1. Why is my pay less in January than it was in December?
Check your December 2022 pay statement to see if you maxed out on your CPP and EI contributions in 2022. Remember that CPP and EI restart every January.
Additionally, CPP, QPP, EI, and QPIP have increased, which means more will be taken off each pay. The new employee annual maximum contributions for 2023 are:
CPP: $3,754.45
QPP: $4,038.40
EI: $1,002.45
Québec EI: $781.05
QPIP: $449.54
3. How much am I allowed to put into my TFSA during 2023?
The TFSA limit for 2023 is $6,500.
4. Why do I need to complete new 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. Completing a new TD1 ensures your taxes will be calculated accurately at the source, your pay.
5. How do I prevent the additional tax from coming off my cheque this year?
When you complete your new Federal TD1, leave the Additional Tax to be deducted box blank, and Payroll will not deduct additional tax from your pay.