The Ontario government proposed a provincial budget that recommends increases in personal income tax rates to employees who earn more than $150,000 that to be implemented through higher payroll tax deductions from September to December and/or on 2014 personal tax returns. This budget passed into law on July 24, 2014 and retroactive to January 1, 2014.
The Canada Revenue Agency (CRA) published a September 1, 2014 version of the Ontario payroll tables to assimilate increases in personal income tax rates.
For additional information on the topic above please check this link. It will help you with some added detail:
http://www.payroll.ca/cpadocs/Legislative_Briefing_Ontario_Personal_Tax_Changes_FINAL.pdf
According to CRA, the September 1, 2014 version of Guide T4127, Payroll Deductions Formulas for Computer Programs is now available on their website. Below is the message on “T4127 Payroll Deductions Formulas for Computer Programs” webpage.
While the updated payroll deductions online calculator and the electronic version of the T4008 Payroll Deductions Supplementary Tables and T4032 Payroll Deductions Tables for Ontario will be available on their website by mid-August. Also, the paper and CD version of the T4032 will be available by the end of August.
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