T4127- July 2022 Payroll Deductions Formulas – 116th Edition Released

Elliot Ngai
Elliot Ngai

On May 19, 2022, the Canada Revenue Agency released the T4127 – January Payroll Deductions Formulas  - 116th Edition. 

Included in the 166th Edition are the following income tax changes, effective July 1, 2022:

  • In British Columbia, chapter 8 of the Provincial Sponsored Funds Tax Credit on rates and amounts has been removed.

  • Effective January 1, 2022, New Brunswick’s basic personal amount increased from $10,817 to $11,720.

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