Hi KRS Contracting Ltd,
Welcome to the Community. QuickBooks Online Payroll is a great program that gives you the ability to pay your employees and track your remittances. I'd be glad to help.
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 QuickBooks Payroll second Canada Pension Plan (CPP), click here.
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.
Let me know if you have questions. I'll be happy to help.
