YOUR BUSINESS ALLY
2023 Shareholder Remuneration & Deductions
Effective: January 1, 2023Print Version (PDF)
Other Years: 2022
Monthly Payroll Deductions And Remittances
For One Shareholder At Various Levels Of Pay
$1,500 to $4,500 Monthly
| Gross Pay |
|---|
| CPP |
| Tax |
| Net Pay |
| Remittance |
| 1,500.00 | 2,000.00 | 2,500.00 | 3,000.00 | 3,500.00 | 4,000.00 | 4,500.00 |
| (71.90) | (101.65) | (131.40) | (161.15) | (190.90) | (220.65) | (250.40) |
| (10.10) | (95.35) | (212.60) | (330.85) | (448.10) | (565.35) | (683.60) |
| 1,418.00 | 1,803.00 | 2,156.00 | 2,508.00 | 2,861.00 | 3,214.00 | 3,566.00 |
| 153.90 | 298.65 | 475.40 | 653.15 | 829.90 | 1,006.65 | 1,184.40 |
$5,000 to $10,000 Monthly
| Gross Pay |
|---|
| CPP * |
| Tax |
| Net Pay |
| Remittance |
| 5,000.00 | 5,500.00 | 6,000.00 | 7,000.00 | 8,000.00 | 9,000.00 | 10,000.00 |
| (280.15) | (309.90) | (312.87)* | (312.87)* | (312.87)* | (312.87)* | (312.87)* |
| (828.85) | (973.10) | (1,124.13) | (1,426.13) | (1,728.13) | (2,031.13) | (2,387.13) |
| 3,891.00 | 4,217.00 | 4,563.00 | 5,261.00 | 5,959.00 | 6,656.00 | 7,300.00 |
| 1,389.15 | 1,592.90 | 1,749.87 | 2,051.87 | 2,353.87 | 2,656.87 | 3,012.87 |
For other calculations, use the "CRA Payroll Calculator"
| Remittances |
|---|
| Remittance = 2 x CPP deduction + Federal and Provincial tax deductions |
| The monthly remittance must be received at CRA by the 15th of the month following the payment of the payroll |
| The cheque for the remittance should be payable to the "Receiver General" |
| CPP DEDUCTIONS | ||
|---|---|---|
| The maximum CPP deduction is reached when earnings equal | $66,600 | |
| The maximum CPP deduction for the year is | $3,754.45 | |
| CPP rate is 5.95% | Annual Exemption | $3,500 |
| * This amount is 1/12th of the maximum - assumes full year of payroll remittances. | ||
| If you are not remitting for 12 months of payroll the CPP deduction should be increased based on the above limits. | ||
| You should stop deducting CPP when the employee reaches the maximum contribution for the year. Then the monthly remittances will be reduced accordingly. | ||
ZENALLY
Chartered Professional Accountants LLP
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