Full Payroll Deductions Formula Guide
Effective January 1, 2022, the full deductions formula guide (T4127) is available on the CRA website.
January payroll deductions formulas- 115th edition- Effective January 1, 2022.
Changed to the federal Basic Personal Amount, announced on December 9, 2019, received Royal Assent on June 29, 2021. Employers are to use the maximum basic personal amount for each of their employees. And if the employee provides a completed TD1 with a different basic personal amount, the employer then should use the amount on the TD1.
The payroll Software Service Providers or employers who have implemented the dynamic basic personal amount may continue to use it.