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2020 Payroll Information

Posted on: Jan 16, 2020

Deductions for the Canada Pension Plan (CPP) and Employment Insurance (EI) resuming in January:

Those who had previously maxed out their contributions for the year in 2019 will see deductions for CPP and EI resume with the first pay in January. The annual maximum contribution for CPP will be $2,898.00 and the annual maximum for EI will be $856.36 for 2020.

Personal Tax Credit Return (TD1 Forms):

The 2020 Personal Tax Credit Return (TD1) form is now available. This form allows any employee to claim a reduction of income tax taken at source based on their personal circumstances.

If you are claiming any credits, you should review the form annually to ensure that the proper credit amount is applied. New forms should always be completed if there is a change to your situation ex: no longer claiming dependants, amounts transferred from spouse or dependants.

Note that the Government of Alberta has removed the tuition credit from the 2020 Alberta Personal Tax Credit Return (TD1AB). Those who have previously claimed this credit to reduce income tax deduction at source will no longer benefit from this reduction in their provincial income tax, however, this credit is still available for the Federal income tax.

*Both the federal and provincial TD1 forms are available in myAvanti under company documents. You will find a variety of payroll forms there, as well as the 2020 payroll calendars.

If you have any questions, please contact Human Resources.