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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