Employer Withholding Tax
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FAQ
Employers must contribute the same amount of CPP or QPP (if in Quebec) that employees do until the maximum annual contributions are reached. For the year of 2023, the CPP contribution rate (excluding Quebec) is 5.95%, capped at the CAD$3,754.45 annual contribution. For Quebec, the rate is 6.40%, capped at CAD$4038.40.
You will receive a paycheck statement along with your check that shows the tax withheld and any other deductions. If your employer pays you in cash with no withholding and no statement, that cash is still considered income to you.
How much do you have to deduct? 2021 payroll deduction ratesProgramRate paid by employerEmployment Insurance2.21% (1.68% in Quebec)Quebec Pension Plan5.9%Quebec Parental Insurance Plan0.692%1 more row
Both Social Security and Medicare taxes are fixed-rate taxes you withhold from your employees' wages and pay on behalf of your employees. Social Security is 6.2% for both employee and employer (for a total of 12.4%). Medicare is 1.45% for both employee and employer, totaling a tax of 2.9%.
If your employer didn't withhold the correct amount of federal tax, contact your employer to have the correct amount withheld for the future. When you file your return, you'll owe the amounts your employer should have withheld during the year as unpaid taxes.