EPY: CAN: Tax Changes and Formula Revisions Effective 01/01/2020 after Patch 30590552
(Doc ID 2625974.1)
Last updated on MARCH 12, 2021
Applies to:PeopleSoft Enterprise HCM Payroll for North America - Version 8.9 to 9.2 [Release 8.9 to 9]
Information in this document applies to any platform.
Tax Update 19-E and Patch 30590552 have been applied but they do not include the latest changes published by Canada Revenue Agency (CRA) in the 'Payroll Deductions Formulas 111th Edition - Effective January 1, 2020'.
Changes made since it was originally published in late November of 2019 include:
1 :The federal Basic Personal Amount (BPAF) has been changed from $12,298.00 to a formula:
Where NI ≤ 150473, BPAF = 13,229
Where NI > 150,473, BPAF = 12,298 + [(13,229-12,298) - (13,229-12,298) × Lesser of (1, (NI – 150,473)/(214,368-150,473))]
2: The federal K4 calculation has been simplified. Factor CEA has been created and added to the Glossary.
K4 = The lesser of:
(i) 0.15 × A;
(ii) 0.15 × CEA
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