Dear customers,

In order to ease your year-end headaches, we have prepared a list for your review before your last payroll of 2024.

• Please ensure that your employee’s maximum Q.P.P. or C.P.P. does not exceed 4,160.00$ QPP, 188.00$ QPP-B* and 3,867.50$ CPP, 188.00$ CPP2** (Rapport 1.61-1.62-1.64).

Revenu Quebec : Formulas to Calculate Source Deductions and Contributions

ARC : CPP contribution rates, maximums and exemptions

ARC : Second additional CPP contribution (CPP2) rates and maximums

• Please ensure that your employee’s maximum EI does not exceed $834.24 (Quebec) and $1049.12 (other provinces).
• Be advised that a person that owns 40% or more in shares in a company is not entitled to contribute to EI (Report 1.61- 1.64).
• Please ensure that your employee’s maximum QPIP does not exceed $464.36. 
• Please ensure that all manual and cancelled checks pertaining to 2024 are processed before year-end (Report 1.64).
• Please ensure that all benefits (e.g. Car allowance, group insurance, etc.) are also included in the employee year-to-date totals. Any required amounts must be processed as check adjustment before year-end.
• This verification is particularly important for the employees who have not reached the maximum Q.P.P deduction of $4 160.00 (Quebec) or C.P.P. deduction of $ 3 867.50 (Others). If you do not have the amount of the taxable benefit for the current year, we suggest that you estimate your amount and process it before your last pay of December (Report 1.61).
• Please make sure that all employees have a Social Insurance Number (Report 1.62). 
• Please make sure that current year active and terminated employees have a complete and accurate address on file (Report 1.62).
• Please ensure that all employees have a date of birth, in order to determine whether the employee is entitled to contribute to Q.P.P. or C.P.P. premiums (Report 1.62-1.64).

Sincerely,

Cytronics Corporation