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.