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Wagepoint prospects are welcome to contact the Wagepoint assist group should they require assistance adjusting taxes on a payroll bonus. This option can be a useful method to maximize the after-tax value of a bonus while supporting long-term financial goals. This rule ensures the complete bonus is topic to CPP, as a lot as the annual most. If a bonus is paid individually from common earnings, do not apply the annual basic exemption quantity for CPP on that bonus. If an worker has already contributed the maximum annual quantity for Canada Pension Plan (CPP) and/or Employment Insurance Coverage (EI), no further deductions are required for those items.
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