Changes to payroll deductions effective November 6, 2020

The Canada Revenue Agency (CRA) has increased the federal basic personal exemption amount for the 2020 tax year from $12,298 to $13,229.

This change has been implemented in our payroll system for the November 6, 2020 pay deposit.

With this change, some employees may notice a small decline in their biweekly Canadian income tax deduction. Any necessary adjustments to taxes will be reviewed by the CRA when an employee files their personal income tax return.

As a reminder, it is recommended to periodically review your personal tax declarations.

If one of the following scenarios applies to you, please complete a new TD1 Personal Tax Credit Return form:

claiming more than the basic personal exemption amounts
changing your current claim to the basic personal exemption amount
requesting additional tax deductions

Questions regarding this change or newly completed federal and provincial TD1 forms can be forwarded to your HR Representative.

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The Canada Revenue Agency (CRA) has increased the federal basic personal exemption amount for the 2020 tax year from $12,298 to $13,229.

This change has been implemented in our payroll system for the November 6, 2020 pay deposit.

With this change, some employees may notice a small decline in their biweekly Canadian income tax deduction. Any necessary adjustments to taxes will be reviewed by the CRA when an employee files their personal income tax return.

As a reminder, it is recommended to periodically review your personal tax declarations.

If one of the following scenarios applies to you, please complete a new <a href="https://hr.mcmaster.ca/employees/payroll/tax-information/">TD1 Personal Tax Credit Return form</a>:
<ul>
 	<li>claiming more than the basic personal exemption amounts</li>
 	<li>changing your current claim to the basic personal exemption amount</li>
 	<li>requesting additional tax deductions</li>
</ul>
Questions regarding this change or newly completed federal and provincial TD1 forms can be forwarded to your <a href="https://hr.mcmaster.ca/about-us/our-people/">HR Representative</a><u>.</u>

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