New Year means new rates

New Year means new rates

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The beginning of the New Year means new rates for various government agencies.

To assist with finding the updated 2013 Payroll Rates please visit the Tax Facts link on the Resources page of our website.

Other things to take note of are:

  • Employers that prepare their own payroll need to ensure they update their accounting software with the new Federal and Provincial tax rates to ensure the correct amount of deductions are taken in 2013.
  • Links for the 2013 TD1 forms are also provided under our Resources section.  This form is for employers to ensure they are deducting the correct amount of tax from their employees.  Employers are required to have a signed form from each employee, however it is not necessary to get a new form each year unless an employee has changes to their federal and provincial personal tax credits.
  • Anyone who is employed and between the ages of 65 to 70, has the option of continuing to contribute to CPP.  In order to opt out, the individual must file the appropriate form with CRA and provide a copy to their employer one month prior to stopping their contributions.   Continuing to contribute will ultimately increase the amount of CPP benefits an individual will eventually receive.  For anyone not yet 65 CPP deductions remain a requirement.   Click here for a copy of the Election Form to stop CPP deductions.
  •  MSP Premiums have increased effective January 1, 2013.  For more information, click here.

If you are finding the payroll process time consuming or frustrating, let our office help you.  Contact us today.