YOUR BUSINESS ALLY
2024 Shareholder Remuneration & Deductions
Effective: January 1, 2024Print Version (PDF)
Monthly Payroll Deductions And Remittances
For One Shareholder At Various Levels Of Pay for the Whole Year
$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) |
| (78.35) | (195.60) | (313.85) | (431.10) | (548.35) | (666.60) | |
| 1,428.00 | 1,820.00 | 2,173.00 | 2,525.00 | 2,878.00 | 3,231.00 | 3,583.00 |
| 143.80 | 281.65 | 458.40 | 636.15 | 812.90 | 989.65 | 1,167.40 |
$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) | (339.65) | (399.15) | (458.65) | (518.15) | (577.65) |
| (800.85) | (945.10) | (1,093.35) | (1,394.85) | (1,697.35) | (1,999.85) | (2,334.35) |
| 3,919.00 | 4,245.00 | 4,567.00 | 5,206.00 | 5,844.00 | 6,482.00 | 7,088.00 |
| 1,361.15 | 1,564.90 | 1,772.65 | 2,193.15 | 2,614.65 | 3,036.15 | 3,489.65 |
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" |
| New CPP Calculation | |||||
|---|---|---|---|---|---|
| Rate | From | To | Employee Max | Self-Employed Max(2x) | |
| CPP1 | 5.95% | $3,500 | $68,500 | $3,867.50 | $7,735.00 |
| CPP2 (new rate) | 4.00% | $68,500 | $73,200 | $188.00 | $376.00 |
| Max CPP | $4,055.50 | $8,111.00 | |||
| You should stop deducting CPP when the employee reaches the maximum contribution for the year. Then the monthly remittances will be reduced accordingly. | |||||
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Chartered Professional Accountants LLP
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