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Changes to the Formulas to Calculate Source Deductions and Contributions (TP-1015.F-V)

The changes to the Formulas to Calculate Source Deductions and Contributions (TP-1015.F-V) for 2014 are given below.

Variable E

The indexation factor used to calculate the value of personal tax credits for 2014 is 0.97%.

Variables F and F2

The voluntary retirement savings plan (VRSP) contribution and the pooled registered pension plan (PRPP) contribution have been added to variables F and F2. For more information, see section 2.13 of the Guide for Employers (TP-1015.G-V) for 2014.

Variables H, H1 and H2 – Deduction for employment income

For 2014, the maximum deduction for employment income has been increased from $1,100 to $1,110. Consequently, the maximum amount of variables H, H1 and H2 has been increased from $1,100 to $1,110.

Variable K – The constant for adjusting the income tax rate

For 2014, the income tax rates applicable to taxable income brackets remain unchanged and the income thresholds for these brackets have been indexed. Specifically,

  • the 16% rate applies to taxable income of $41,495 or less (previously $41,095); 
  • the 20% tax rate applies to taxable income of more than $41,495, but not more than $82,985 (previously $82,190); 
  • the 24% tax rate applies to taxable income of more than $82,985, but not more than $100,970 (previously $100,000); 
  • the 25.75% applies to taxable income of more than $100,970.

Consequently, the values of variable K are now $1,659 (increased from $1,644), $4,979 (increased from $4,931) and $6,746 (increased from $6,681).

Variable M – QPP

The QPP contribution rate has been increased from 10.20% to 10.35% for 2014, which corresponds to a rate of 5.175% for an employee and of 5.175% for an employer. In addition, the maximum pensionable earnings for the purposes of the QPP have been increased from $51,100 to $52,500. Variable M has therefore been increased from $2,427.60 to $2,535.75.

Variables N and N1 – QPIP

For 2014, the maximum insurable earnings subject to QPIP premiums have been increased from $67,500 to $69,000. The employee premium rate remains 0.559% and the employer premium rate remains 0.782%. Consequently, variable N has been increased from $377.33 to $385.71 and variable N1 has been increased from $527.85 to $539.58.

Variable Z – Health contribution

For 2014, the net income thresholds, the rates and the amounts used to calculate the value of the health contribution (variable Z) remain unchanged.

Estimated annual net income (R) Health contribution (Z)
$18,175 or less $0
More than $18,175 but no more than $40,390

Whichever is less:

  • $100;
  • 5% × (R - $18,175).
More than $40,390 but not more than $131,260

Whichever is less:

  • $200;
  • $100 + [5% × (R - $40,390)].
More than $131,260

Whichever is less:

  • $1,000;
  • $200 + [4% × (R - $131,260)].

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