2024 Statutory Deductions Rates Process Guide

Modified on Mon, 18 Dec, 2023 at 2:28 PM

2024 Statutory Deductions Rates Process Guide

Required K212 HRP Setup for Statutory Deductions Rates effective for Jan 1, 2024

For: All Boards/Districts

Last Updated: 12/14/2024

This document is provided to assist boards/districts with updating Statutory Deduction values in K212 HRP. Please note that while these figures have been validated on the various sources’ websites, boards are responsible for ensuring these values are correct and they are responsible for maintaining this information throughout the year, if there are any changes. These values should be updated prior to running the first pay of the New year.

IMPORTANT NOTE: For the purpose of this document, jurisdictional information (provincial) in screenshots such as Tax Brackets & Provincial Personal amount/Indexing Factor are in Ontario figures.

Provincial-based figures are provided in tables for Alberta and BC

FEDERAL TAX DATA Module

The screen below shows the new tax rates and figures for the Year 2024.

PAYROLL > BOARD > FEDERAL TAX DATA

Find > Current 2023 Tax Record > Input End Date = 2023/12/31

**Once complete choose Save to close the current record**

Provincial Tax Credit Information

	Basic Amount	Indexing Rate	Maximum Provincial Tax Reduction
Federal	15,705.00	1.047	-
Ontario	12,399.00	1.045	286.00
Alberta	21,885.00	1.042	-
British Columbia	12,580.00	1.050	547.00

Note: Please see the bottom of the document to reference Table 8.2 in CRA T4127-24e

Canada Employment Credit (CEA) = 1,433

DUPLICATE & UPDATE START DATE

Right Click > Duplicate the closed 2023 record to create a new record with Start Date = 2024/01/01

**Fill in the required data as shown**

Note: Federal and Provincial Indexing Factor fields must be completed only when automated indexing is chosen.

Leave Federal & Provincial Indexing Factor fields blank when automated indexing is not to be used. For accurate calculations, please enter the proper factor value (Example: 2.4% = 1.024 – Index at 102.4% of the previous year’s credits)

CPP, EIC, WSIB, EHT Module

The screen below shows the new CPP and EIC Rates for the Year 2024

PAYROLL > BOARD > CPP, EIC, WSIB, EHT

Find > Current 2023 Record > Input End Date = 2023/12/31

**Once complete choose Save to close the current record**

DUPLICATE & UPDATE START DATE

Right Click > Duplicate the closed 2023 record to create a new record with Start Date = 2024/01/01

**Fill in the required data as shown**

NOTE: YAMPE = $73,200 and CPP Employee Rate 2 = 4%

PENSION DEDUCTION Module

The screen below shows the new Pension rates for Year 2024.

Follow these steps to update both TSC/TSCRET and OMERS/OMERSRET Pension Code records.

PAYROLL > BOARD > PENSION DEDUCTIONS

Find > Current 2023 Record > Input End Date = 2023/12/31

**Once complete choose Save to close the current record**

DUPLICATE & UPDATE START DATE

Right Click > Duplicate the closed 2023 record to create a new record with Start Date = 2024/01/01

**Fill in the required data as shown**

Note: Values that may be updated from the previous year are Employee 1%, Employee 2% and Annual Maximum Pensionable Earnings fields.

Employer %1 & Employer %2 is only required if the Employer Share is different from the Employee Share
The other fields may be board/district specific (Example: Liability/Expense Account GL)

CREATE STATUTORY DEDUCTIONS Module

PAYROLL > YEAR END > CREATE STATUTORY DEDUCTIONS

Specify Date for Closing Latest Statutory Deduction Records = 2023/12/31 > TAB > Greyed out fields will automatically populate

**Once complete choose Submit to process the automated job**

Note: The standard TD1 and Provincial TD1 amounts will be automatically displayed for your information after clicking TAB following the date entry.

Tax Bracket Data by Province

Federal	A	0	55,867	111,733	173,205	246,752
	R	0.150	0.205	0.260	0.290	0.330
	K	0	3,073	9,218	14,414	24,284
Ontario	A	0	51,446	102,894	150,000	220,000
	R	0.0505	0.0915	0.1116	0.1216	0.1316
	KP	0	2,109	4,177	5,677	7,877
Alberta	A	0	148,269	177,922	237,230	355,845
	R	0.10	0.120	0.130	0.140	0.150
	KP	0	2,965	4,745	7,117	10,675
British Columbia	A	0	47,937	95,875	110,076	133,664	181,232	252,752
	R	0.0506	0.077	0.105	0.1229	0.147	0.168	0.205
	K	0	1,266	3,950	5,920	9,142	12,948	22,299

Additional Notes & Resources

T4127-24e: https://www.canada.ca/en/revenue-agency/services/forms-publications/payroll/t4127-payroll-deductions-formulas/t4127-jan/t4127-jan-payroll-deductions-formulas-computer-programs.html

CPP Contribution Rates, Maximums and Exemptions: https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/payroll/payroll-deductions-contributions/canada-pension-plan-cpp/cpp-contribution-rates-maximums-exemptions.html

CPP2 Contribution Rates and Maximums: https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/payroll/calculating-deductions/making-deductions/second-additional-cpp-contribution-rates-maximums.html

EI Premium Rates & Maximums: https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/payroll/payroll-deductions-contributions/employment-insurance-ei/ei-premium-rates-maximums.html

WSIB Premiums and Rates: https://www.wsib.ca/en/2024premiumrates#:~:text=The%20maximum%20insurable%20earnings%20ceiling,Workplace%20Safety%20and%20Insurance%20Act.

PA Max Accrued: https://www.canada.ca/en/revenue-agency/services/tax/registered-plans-administrators/pspa/mp-rrsp-dpsp-tfsa-limits-ympe.html

T4127-24e Table 8.1: