[WMcQueen]

When we upload updated versions, particularly dealing with the Payroll Updates, do we need to go into the Payroll Advanced Settings and amend the rates for CPP and EI for the current year.

For example, my files are set up with 1.4% (EI) and 4.26% (CPP), the 2024 rates are 1.66% and 5.95%.

Do I need to change the payroll settings for each account, or is that automatically calculated in the payroll updates.

Regards,
Wendy

[MSchappler]

Hello Wendy,

You do not need to change the rates for payroll as the rates are calculated automatically. The displayed rows are for employer matching employees contributions. Typical values are:

Employer CPP Contribution Rate 1.0
Employer CPP2 Contribution Rate 1.0
Employer EI Contribution Rate 1.4

Do not change the Pay Period Anchor Date for the new year. Once this date is set, leave it. This date represents the end of the payroll pay period for Record of Employment purposes.

Regards to All,
Martin

[Author]

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