1. Why Is My Pay Cheque Less in January Than It Was in December?

NEW YEAR FAQ: COMMON QUESTIONS

1. Why is my pay cheque less in January than it was in December?

Check your December pay statement to see if you maxed out on your CPP and EI contributions in 2016. Remember that CPP and EI restart every January.

2. Why is my pay cheque less in January than it was in December?

The new employee annual maximum contributions for 2017 are: CPP: $2,564.10

QPP: $2,797.20 EI: $836.19

Québec EI: $651.51 QPIP: $391.82

3. Why is my vacation / sick / PTO balance reset to zero?

Vacation is moved into a previous year accrual bank. Sick and / or PTO are restarted every January with new balances.

4. I would like to contribute to my RRSP in the first 60 days of the new year, what is the RRSP annual contribution limit for 2016?

The RRSP annual contribution limit for 2016 is $26,010.

5. How much am I allowed to put into my TFSA for 2017?

The TFSA limit for 2017 is $5,500.00

6. Will the minimum wage be changing in 2017, and if so, when and by how much?

Here's a guide to minimum wages and planned increases across Canada.

7. Why do I need to complete new TD1s each year?

A new TD1 ensures that you inform us of any changes in your life that impact your income tax calculations (such as you have a new dependent, have recently become a caregiver or have enrolled in school). By completing a new TD1 you are providing information that will make sure your taxes will be calculated accurately at the source.

8. I don't additional tax to come off my cheque this year, how can I prevent that?

When you complete your new Federal TD1 leave the "Additional Tax to be deducted" box blank and we will no longer deduct additional tax from your pay.