The Canada Revenue Agency has released the payroll deduction formulas to be used by Ontario employers during the 2023 tax year.

The Guide to Payroll Deductions outlines the amounts which Ontario employers must deduct and remit on behalf of employees at different income levels, and covers federal and provincial income tax, Canada Pension Plan contributions, and Employment Insurance premiums. The T4127(E) Guide for 2023 can be found on the CRA website at Payroll Deductions Formulas – 117th Edition Effective January 1, 2023 – Canada.ca.