Hello moose8,
Welcome to the QuickBooks Community! I would be happy to provide more information about the secondary CPP!
The (CPP2) contributions began on January 1, 2024. It applies to employees who have higher earnings. QuickBooks Online Payroll has included this, and it will apply to Box16A on the T4 slips The rate is 4% of pensionable earnings, and the employee contribution is equivalent to the employer contribution. To learn more about employee and company contribution rates, click here.
Follow these steps to view the second CPP for your employees in QuickBooks;
1. From the left menu, open Payroll, then select Employees.
2. Click on an employee, then select Paycheque list.
3. Choose a paycheque and scroll down to the Employee taxes or Employer taxes section. You will see a separate line item for the Second Canada Pension Plan.
Note: You will only see an amount for the Second Canada Pension Plan after your employee has reached the earnings threshold, as outlined on the CRA website.
Feel free to reach out again, if you have other questions. We would be glad to help!
