On December 27, 2023, the Canada Revenue Agency (CRA) released the 2024 Payroll Deductions Tables, including:
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T4032 Payroll Deductions Tables provide guidance for calculating Federal, Provincial, and Territorial Income Tax Deductions, Employment Insurance premiums, and Canada Pension Plan contributions. The tables cover various pay periods, including weekly, bi-weekly, semi-monthly, and monthly.
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T4008 Payroll Deductions Supplementary Tables are designed for more specific pay periods such as 10, 13, 22, 27, 53, and 240 pay periods a year. They assist in calculating Federal, Provincial, and Territorial Income Tax Deductions, Employment Insurance premiums, and Canada Pension Plan contributions.
Using both tables ensures compliance with tax laws and prevents under or over-deduction from employee wages.