I am the only employee in my company. since the 2nd payroll of July the CPP deduction/contribution on my paycheck suddenly increased drastically from $200 to $1600. Why?
I am the only employee in my company. since the 2nd payroll of July the CPP deduction/contribution on my paycheck suddenly increased drastically from $200 to $1600. Why?
Is it because I am self-employed and exempted from EI?
I am the only employee in my company. since the 2nd payroll of July the CPP deduction/contribution on my paycheck suddenly increased drastically from $200 to $1600. Why?
There could be several reasons for a drastic increase in your CPP (Canada Pension Plan) deduction, hello244. Let's figure this out together.
A significant increase in your salary or wages can lead to higher CPP contributions.
If you received bonuses or other forms of income, this could affect your CPP deductions.
An error may have occurred during payroll processing, resulting in incorrect deductions.
Ensure that your contributions are within the annual limits set by the government.
I am the only employee in my company. since the 2nd payroll of July the CPP deduction/contribution on my paycheck suddenly increased drastically from $200 to $1600. Why?
I have not changed my payroll amount since April, and it's processed automatically each period.
The CPP deduction each period used to be $190, then it suddenly became $1,600ish, plus additional CPP deduction. It doesn't make sense at all.
I am the only employee in my company. since the 2nd payroll of July the CPP deduction/contribution on my paycheck suddenly increased drastically from $200 to $1600. Why?
We can point you in the right direction to help you resolve the sudden increase in your CPP deduction/contribution on your paycheck in QuickBooks Online (QBO).
You'll want to connect with the Canada Revenue Agency (CRA) to have your records reviewed and determine the root cause of the problem. Please know that QuickBooks Online calculations will depend on the data you've entered or provided in your company file. It's crucial to remember that QBO adjusts based on your gross income within a year and your pay schedule.
We encourage you to revisit this thread if you require further assistance managing employees' deductions and contributions in QuickBooks. Rest assured, we're always ready to extend a helping hand.
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