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In Canada, a lot of information about this is provided by the Canada Revenue Agency (CRA) and other government agencies.Here I show how to execute these Canadian legislations in the SAP ERP HCM payroll system.
Certification for S/4HANA is coming in July 2018, and Sovos has partnered with SAP for more than 20 years.
Technology has transformed your business and your products, and it’s about to change your ERP.
But, it’s also transforming tax, and it could have a significant impact on your plans for S/4HANA.
Every year, the Maximum Annual Pensionable Earnings rate is defined by the CRA (e.g., the maximum ceiling amount on which the CPP/QPP can be calculated). So the maximum contributory earnings that are subject to CPP/QPP is (Maximum Annual Pensionable Earnings) – (Annual Basic Exemption amount).
For example, for the year 2014: (500 – 00) x 4.95% = ,425.50 Where ,500 is the Maximum Annual Pensionable Earnings ,500 is the basic exemption .95 is the contribution rate This means that in 2014, the total CPP deduction cannot exceed ,425.50 for an employee.
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Sovos and SAP have created an early adopter program for companies using Sovos Global Tax Determination and Sovos e Invoicing Compliance components of the Intelligent Compliance Cloud.