OTTAWA, ON, Oct. 18, 2023 /CNW/ - What are the new T4 boxes?
Box 16A: employee's Second Additional CPP Contributions (CPP2)
Box 17A: employee's Second Additional QPP Contributions (QPP2)
Second additional CPP and QPP contributions begin in 2024. After January 1, 2024, any employee who contributes to the CPP or QPP will make CPP2 or QPP2 contributions if and when their annual income surpasses the first earnings ceiling, the Year's Maximum Pensionable Earnings (YMPE). Employers will make a matching CPP2 or QPP2 contribution.
The YMPE for 2024 will be made available at the beginning of November 2023.
When do box 16A and 17A reporting obligations start?
CPP2 and QPP2 reporting obligations in boxes 16A and 17A start for T4 slips issued for the 2024 tax year.
Boxes 16A and 17A should be left blank for T4 slips issued for the 2023 tax year and in any subsequent year when an employee does not make any CPP2 or QPP2 contributions.
For more information on the CPP2 or QPP2 contribution rates and calculations, or the CPP enhancements in general, please visit canada.ca/cpp-enhancement.
For more information about the T4 slip, please visit T4 slip - Canada.ca.
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SOURCE Canada Revenue Agency
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