June 1, 2007
Effective July 1, 2007 the following changes must be made to your payrolls.
There are NO EI or CPP changes for July 2007. CPP remains at 4.95% with a contribution limit of 1,989.90 for the year. EI remains at 1.80% with 40,000.00 maximum insurable earnings for a total premiums of 720.00 for the year.
For July 1, 2007 the only changes apply to BC payrolls. There are no changes to Alberta, Saskatchewan or Manitoba and there are no Federal changes to be made.
Effective July 1, 2007 the following changes must be made to all BC payroll Global Provincial Tax tables and Provincial Tax Parameters. You would ADD the new tax values using a new effective date of July 2007 or 200707 (you will already have sets of global tables for January 2007).
GLOBAL PROVINCIAL TAX TABLES (4,2,22.#)
The GLOBAL Provincial Tax Tables values would be added using a new effective date of July 01, 2007. Leave the existing Provincial Tax Tables as is. The new GLOBAL Provincial Tax Table values should be as follows.
British Columbia
34397 .0535
68794 .0815 963
78984 .1050 2580
95909 .1230 4001
9999999 .1470 6303
GLOBAL PROVINCIAL TAX PARAMETERS (4,2,29.#)
Add a new set of Global Provincial Tax Parameters using the effective date of July 01, 2007.
British Columbia (4,2,29.1)
01= FEDERAL PERSONAL TAX CREDIT (K1) .155
02= PROVINCIAL PERSONAL TAX CREDIT (K1P) .0535 (from .0605)
03= FEDERAL EMPLOYMENT CREDIT (K4) 1000.00
04= CPP MAXIMUM CONTRIBUTIONS 1,989.90
05= EI MAXIMUM CONTRIBUTIONS 720.00
06= PROVINCIAL SURTAX (V1) FLAT AMOUNT 0
RATE 0 THRESHOLD 0
RATE 0 THRESHOLD 0
07= PROVINCIAL FLAT TAX (V2) 0
08= PROVINCIAL TAX REDUCTION (S) FLAT AMOUNT 375.00
RATE .032 THRESHOLD 16,646.00
(from .036)
AMOUNT 0 THRESHOLD 28,364.75 (from 27062.67)
AMOUNT 0 THRESHOLD 0
AMOUNT 0 THRESHOLD 0