New Updates and Sophistication with Tax Update 22-E
On December 3rd, Tax Update 22-E was released and as per previous years, new year tax rate changes for North American Payroll are included bringing several modifications for U.S. clients.
As for Canadians, we can expect the following additions to be provided:
1) Alongside election campaign promises, Federal tax rates set Federal exemptions to $15,000.
2) The CPP calculation as planned back in March of 2019 is set to introduce the factor as base and enhanced rates where the base will continue to be treated like a contribution as a non-refundable tax credit and the enhanced portion of CPP/QPP is to be treated as a tax deduction effective January 2023.
Although some changes were not available in time for the 22-E release, clients were able to access these modifications as of December 16th and 19th. Moving forward, we are expecting changes for the T4/T4A BI Publisher in 23-A.
Experience new updates and sophistication with the Tax Updates 22-E release.
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