Employee Payroll Information for 2021
As we move forward into 2021, it is a good time for employees to review and update their Payroll Information.
CPP and EI Deductions Resume
The next pay date for employees is January 15, 2021. With this pay cycle deductions for both Canada Pension Plan (CPP) and Employment Insurance (EI) will resume for those who contributed the maximum amount in 2020.
These rates are set nationally by the Canada Revenue Agency (for CPP) and the Canada Employment Insurance Commission (for EI). For all employees, the new 2021 rates and annual contribution amounts are:
| 2020 | 2021 | Increase in 2021 | |
|---|---|---|---|
| CPP - Canada Pension Plan | |||
| Premium/Contribution Rate | 5.25% | 5.45% | |
| Maximum Pensionable Earnings | $55,200.00 | $58,100.00 | |
| Annual Maximum Contribution | $2,898.00 | $3,166.45 | $268.45 |
| EI - Employment Insurance | |||
| Premium/Contribution Rate | 1.58% | 1.58% | |
| Maximum Insurable Earnings | $54,200.00 | $56,300.00 | |
| Annual Maximum Contribution | $856.36 | $889.54 | $33.18 |
Review Your Withholding Election
Workday will automatically update the TD1 Federal Basic tax exemption and TD1 Provincial Basic tax exemption amounts for the 2021 tax year. If you are claiming additional tax amounts or an exemption, you should review your Withholding Election amount in Workday to ensure your specific claim amounts continue to be in effect for the 2021 tax year.
Further information regarding the TD1 Personal Tax Credits can be found on the CRA Website.
For all employees, the standard withholding elections are as follows:
| 2020 | 2021 | |
|---|---|---|
| Withholding Elections | ||
| TD1 - Federal Basic Exemption | $13,229.00 | $13,808.00 |
| Td1 - Provincial Basic Exemption - BC | $10,949.00 | $11,070.00 |
Review Your Personal information
It’s important that employee personal information is up-to-date, especially as we head into tax season. To confirm or update your personal information, log into Workday and review:
- Contact information, including:
- Home Address
- Mobile Cell Number
- Personal Email Address
- Emergency Contact information