Payroll for NA / Time and Labor - PSFT (MOSC)

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Canadian 2024 CPP enhanced contributions

in Payroll for NA / Time and Labor - PSFT (MOSC) 2 comments

FOR PSHCM - NA Payroll

Starting January 1st 2024, Canada will implement an enhanced CPP calculation for those with earnings over the YMPE - a tiered level YMPE(YAMPE) and enhanced percentage.

see this link - The Canada Pension Plan enhancement – Businesses, individuals, and self-employed: what it means for you - Canada.ca

Discussion/Question around 3 points:

  1. The examples in that link refer to annual salary, not pensionable earnings- (annualized) for the pay period; any comments?
  2. Does the enhanced contribution amount reduce the taxable gross to lower overall tax deducted in the pay cheque?
  3. for year end of 2024 - looks like the T4 will have new box of 16A for the enhanced portion of CPP contributions; but nothing is mentioned about the enhanced portion of pensionable earnings - will employers need to report this on another new box.
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