Today@Dal

Employees can expect to see a reduction in net pay as a result of the start of a new tax year. January is the beginning of a new tax year, which means that Canada Pension Plan (CPP) and Employment Insurance (EI) contributions will be deducted from your pay until the 2014 yearly maximums are reached.

The 2014 maximum for CPP contributions is $2,425.50, based on a maximum salary of $52,500. The 2014 Employment Insurance deduction maximum is $913.38 on an annual maximum salary of $48,600.

Basic Personal Exemption

The 2014 Basic Personal Exemption for Federal Income Tax is $11,138 and $8,481 for Nova Scotia Provincial Tax.

As in previous years, tax rates and exemptions will be updated automatically. However, if you have had changes to your tax status, you should complete a new TD1 form (available from Canada Revenue Agency at http://www.cra-arc.gc.ca/menu/AFAF_T_TD-e.html) and submit to Payroll, Rm 150 Henry Hicks Building.