CRA issues draft payroll deduction formulas for July 1, 2011

It is often the case that federal and/or provincial personal tax changes, whether to rates or personal tax credits, are announced in current-year budgets to take effect sometime during the year. Where rates or credits are changed, a consequential change is required to employee payroll deductions.

The Canada Revenue Agency (CRA) has issued a draft of the payroll deduction formulas for computer programs which will be effective on July 1, 2011. The release is being posted on the CRA Web site in draft form to provide early access for users who require the information in order to complete their computer programming. The final version of the publication will be posted in mid-June.

The draft is available on the CRA Web site at http://www.cra-arc.gc.ca/E/pub/tg/t4127-jul/README.html.

 

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