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Canadian Payroll:


Canadian Payroll Rate Changes as of January 1st, 2008

BOSSNet Canada


Several tax rates and tables have changed, effective the first payroll of 2008. Please adjust your payroll rates and tables according to the following information. You need only adjust provincial rates for provinces in which you have employees.

PLEASE note that BOSSNet is providing this interpretation to assist your company's entry of the newest rates and we are NOT guaranteeing their accuracy. We recommend that you refer to the links to the official documentation to confirm directly yourselves as you apply these changes. BOSSNet will gladly answer any questions that arise in your entry of these updates. Contact us via email at boss.support@bossnet.com or, if urgent, call 866-692-2677 option 2.


Note: We have also updated your payroll software to include the new ?K4? Employment Tax Credit. This requires that the K4 Maximum be properly set in the Federal Tax Table, and the Provincial Tax Table for the Yukon Territories.


This information is based on the Federal Government document ?Payroll Deduction Formulas for Computer Programs? (T4127), 86th edition, effective January 1, 2008. It is available only via the Internet at http://www.cra-arc.gc.ca/E/pub/tg/t4127-jan/t4127-jan-08e.pdf.


Federal:


Federal tax rates have been reduced, income thresholds increased, and personal exemptions increased as of January 1st, 2008. The new basic TD1 amount is $9,600.00.


The new Federal Tax table should look like this:



Note the $1,019.00 value for the new K4 Maximum value.

There are several changes and increases to the TD1 Personal Amounts, so all employees should be requested to re-complete the form for 2007. The federal TD1 form can be printed from the Internet at http://www.cra-arc.gc.ca/E/pbg/tf/td1/td1-08e.pdf.



For 2008, the Canada Pension Plan maximum pensionable earnings rise to $44,900, with the basic annual exemption remaining at $3,500. The contribution rate for employees is still 4.95%, but an employee?s maximum contribution for the year rises to $2,049.30. The employer?s contribution remains equal to the employee?s contribution (100.00%).


A typical Employee CPP EDC Code should look like this:





The Employee?s EDC CPP definition remains unchanged.


For 2008, Employment Insurance rates have decreased to 7.73% on annual insurable earnings of $41,400 for an annual maximum premium of $711.03. The employer's portion remains 1.4 times the employee premium (140.00%), unless a reduced rate has been arranged for 2008.


A typical Employee Employment Insurance EDC Code should look like this:





British Columbia:



The new provincial tax table should look like this:



Please have BC employees fill out a new TD1BC form for 2008. (http://www.cra-arc.gc.ca/E/pbg/tf/td1bc/td1bc-08e.pdf)


Alberta:



The new provincial tax table should look like this:




Please have Alberta employees fill out a new TD1AB form for 2008. (http://www.cra-arc.gc.ca/E/pbg/tf/td1ab/td1ab-08e.pdf)


Saskatchewan:



The new provincial tax table should look like this:





Please have Saskatchewan employees fill out a new TD1SK form for 2008. (http://www.cra-arc.gc.ca/E/pbg/tf/td1sk/td1sk-08e.pdf)

Manitoba:



The new provincial tax table should look like this:




Please have Manitoba employees fill out a new TD1MB form for 2008. (http://www.cra-arc.gc.ca/E/pbg/tf/td1mb/td1mb-08e.pdf)

Ontario:



The new provincial tax table should look like this:




Please have Ontario employees fill out a new TD1ON form for 2008. (http://www.cra-arc.gc.ca/E/pbg/tf/td1on/td1on-08e.pdf)

New Brunswick:



The new provincial tax table should look like this:




Please have New Brunswick employees fill out a new TD1NB form for 2008. (http://www.cra-arc.gc.ca/E/pbg/tf/td1nb/td1nb-08e.pdf)



Prince Edward Island:



The provincial tax table should look like this:





Please have PEI employees fill out a new TD1PE form for 2008. (http://www.cra-arc.gc.ca/E/pbg/tf/td1pe/td1pe-08e.pdf)


Nova Scotia:


The provincial tax table should look like this:



Please have Nova Scotia employees fill out a new TD1NS form for 2008. (http://www.cra-arc.gc.ca/E/pbg/tf/td1ns/td1ns-08e.pdf)


Newfoundland and Labrador:


There are changes to the income thresholds and personal amounts.


The provincial tax table should look like this:



Please have Newfoundland and Labrador employees fill out a new TD1NL form for 2008. (http://www.cra-arc.gc.ca/E/pbg/tf/td1nl/td1nl-08e.pdf)


Yukon:



The new territorial tax table should look like this:



Please have Yukon employees fill out a new TD1YT form for 2008. (http://www.cra-arc.gc.ca/E/pbg/tf/td1yt/td1yt-08e.pdf)


Please note the new K4 (Employment Tax Credit) Maximum value of $1,019.00.


Northwest Territories:


Effective January 1, 2007, the provincial tax rates for the Northwest Territories are not changed. The income thresholds and personal amounts have been indexed and increased.


The new territorial tax table should look like this:



Please have NWT employees fill out a new TD1NT form for 2008. (http://www.cra-arc.gc.ca/E/pbg/tf/td1nt/td1nt-08e.pdf)





Nunavut:


Effective January 1, 2007, the provincial tax rates for Nunavut are not changed.

The income thresholds and personal amounts have been indexed and increased.


The new territorial tax table should look like this:



Please have Nunavut employees fill out a new TD1NU form for 2008. (http://www.cra-arc.gc.ca/E/pbg/tf/td1nu/td1nu-08e.pdf)


(End of Document)