TaxCycle can automatically adjust CPP, EI and PPIP contributions on T4 slips to the required premium contribution amount. It then includes these adjusted amounts in the T4 Summary.
Set adjustment thresholds
Configure the thresholds for T4 adjustments on the T4AdjustmentOptions worksheet:
- Press F4, search for T4AdjustmentOptions and press Enter to open the worksheet.
- For each source deduction type (CPP, EI and PPIP), check one of the follow options:
- None if you do not want to adjust the premiums
- Adjust to the calculated required premium to add or subtract amounts from the tax withheld (up to the amount you specify in step 3) in order to meet the required premium.
- Adjust to the calculated required premium if the difference exceeds and enter the threshold amount. TaxCycle adds or subtracts amounts from the tax withheld (up to the amount you specify in step 3) in order to meet the required premium.
- Adjust only if contributions exceed the annual maximum contribution or for under-contributions. TaxCycle adds over-contributions to the tax withheld and deducts some or all of the under-contributions from income withheld (up to the amount you specify).
- Enter the maximum amount for TaxCycle to take from the tax withheld in order to correct differences. You must set this amount any under-contribution from the income tax withheld.