Important Payroll Year End Actions
10 December 2024
Updated December 20, 2024
With 2025 around the corner, here are some important updates about payroll deadlines, tax forms, statutory deductions, and actions to ensure your personal and emergency contact information is current.
To Action
-
Sign up for direct deposit to avoid delays and ensure uninterrupted access to your payments. Update December 20: Canada Post resumed operations on December 17. Any printed cheques that were not picked up from the Cashier's Office as of 4 p.m. on December 19, 2024, will be mailed out. Recipients should expect delays as Canada Post continues to work through its backlog of mail and parcels.
-
Update your Address & Emergency Contact information - To ensure your T4 has the correct home address and your personal data is correct relating to insurance (benefits) and/or pension, review your address and emergency contact information by January 2, 2025. Need assistance? Review the Changes to Personal Information page to find out how to change aspects of your personal record.
- Tax Forms - Is your tax situation changing in 2025 ? If so you may want to submit updated 2025 TD1 & TD1AB forms to the Staff Service Centre. Both forms are now available on the Personal Tax Credit Return page.
To Know
- 2025 Payroll Deadline Chart - The 2025 Payroll Deadline Chart is now available. Review the updated eForm/pay action form deadlines, time entry deadlines, time approval deadlines, pay confirm dates and pay dates. Don't forget to subscribe to the payroll calendar!
- Statutory Deductions - For Canada Pension Plan and Employment Insurance, there are yearly maximum contribution amounts. Once these maximums are reached during the taxation year the contributions will cease.
- Reminder: You may notice a change in your take-home pay as the deductions re-start for those who maxed out contributions in 2024.
- The Canada Pension Plan (CPP) comprises two contributions corresponding to the maximum pensionable earnings explained below:
- All employees contribute to CPP based on their earnings up to the Year's Maximum Pensionable Earnings (YMPE), which is set at $71,300 for 2025. Employees contribute 5.95% of their income to CPP up to $71,300.
- As of 2024, additional CPP contributions were introduced and are made by anyone who earns wages above the YMPE. The 2025 Yearly Additional Max Pensionable Earnings (YAMPE) is $81,200. Employees contribute to CPP at a rate of 4% for income between $71,300 and $81,200. This is known as the CPP Enhancement.
- For more information on the CPP Enhancements, refer to the Canada Pension Plan website.
Questions? Contact the Staff Service Centre.