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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