Canada’s withholding formulas for federal and provincial taxes in 2022 were released Dec. 13 by the Canada Revenue Agency.
The 2022 version of Guide T4127, Payroll Deductions Formulas, incorporates a number of changes to federal income tax and provincial income taxes, the agency said.
The Budget Implementation Act 2021, No. 1, increased the federal basic personal amount, the agency said.
“For 2022, employers are to use the maximum BPAF of $14,398 for all employees unless the employee provides a new Form TD1. If the BPAF formula was previously implemented on your payroll system, you can continue to use ...
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