2024 Shareholder Remuneration & Deductions
Shareholder remuneration by year: 2024 · 2025 · 2026
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) |
| 1,428.10 |
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. |
