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American Payroll Association (APA) Basic Guide to Payroll, 2013 Edition
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CCH® PAYROLL — 04/16/14

CCH summarizes recent Canadian payroll news

Interested in the latest news affecting Canadian payroll professionals? Here's a summary of recent Canadian payroll news, as provided by PaySource, a monthly newsletter published by CCH Canadian Limited.

CRA announces second quarter interest rates. The second quarter interest rates for 2014 were recently confirmed by the Canada Revenue Agency. The interest rates for the second quarter of 2014 are:

• 5% on overdue income tax payments, insufficient income tax installment payments, unremitted employee source deductions, unremitted CPP contributions and Employment Insurance premiums, and unpaid penalties;
• 3% on overpayments paid to non-corporate taxpayers;
• 1% on overpayments paid to corporate taxpayers; and
• 1% deemed interest on employee and shareholder loans.

A number of provinces have seen an increase to their minimum wage:

Nova Scotia. Nova Scotia's minimum wage will continue to increase in line with the cost of living. The province accepted the Minimum Wage Review Committee's recommendation and therefore, effective April 1, 2014, the minimum wage will increase by 10 cents an hour, to $10.40. The hourly wage for someone with less than three months' experience is also increasing by 10 cents an hour, to $9.90.

Ontario. Effective June 1, 2014, the provincial minimum wage will increase by 75 cents to $11.00 per hour. This new rate reflects the rise in the CPI since the last minimum wage increase in 2010.

Quebec. Quebec has issued draft regulations to increase minimum wage. Effective May 1, 2014, the hourly minimum wage will increase to $10.35 per hour, up from the current level of $10.15 per hour. As well, the minimum wage rate payable to employees receiving tips will increase to $8.90 an hour up from the current rate of $8.75.

Yukon. Effective April 1, 2014, the minimum wage will increase from $10.54 to $10.72 per hour.

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