Question

CPP2 Deduction

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Just learned about this new mandatory deduction starting in 2024, does anyone know how this will show up and if it will be included in the next tax table update next month?

QuickBooks Desktop

T

Trish_T

Hi ahutton,

Welcome to Community! QuickBooks Desktop is a dynamic program that provides the latest updates based on government guidelines. I'd be happy to provide some insight here!

As you are aware, you must deduct the second additional CPP contributions (CPP2) on earnings above the annual maximum pensionable earnings. You'll notice the changes when you update your QuickBooks product to the latest release. To learn more about the maximum pensionable earnings and contributions for 2024, click here.

If you have any other questions, please reach back out. We would be glad to help!