Contents:

• Welcome
• What's New
• GrandMaster Update

Welcome!

January 2007 - Welcome to the latest edition of The Payroll News. As always, please feel free to forward this newsletter to your friends and associates who are interested in keeping up with the latest changes in the Payroll industry. Or better yet, subscribe them for free using the Tell Others About Us link.

Listed here are recent changes in legislation on Federal and Provincial levels that may impact your payroll calculations. Please view the following list for changes that affect your region.

FEDERAL:

January 25, 2007 - Unemployment in Canada's metropolitan areas - Canada's 28 metropolitan areas have accounted for nearly three-quarters of the growth in employment in the country during the past seven years, according to a study published today in Perspectives on Labour and Income. Between 2000 and 2006, employment nationally rose by just over 1.7 million. Of this total, census metropolitan areas accounted for an estimated 1.3 million, or about 73%. (Full Story)

January 18, 2007 - On-Line Automobile Benefits Online Calculator Now Available - The Automobile Benefits Online Calculator is no longer available through Tables on Diskette (TOD) and can now accessed through a dedicated link on the CRA webasite. Employers can use the calculator to determine the automobile benefit amount they should prorate to the employee's pay periods. (Full Story)

January 5, 2007 - Labour Force Survey for December 2006 - Employment increased by an estimated 62,000 in December, pushing the unemployment rate back down to the 30-year low of 6.1% (-0.2 percentage points). Employment grew by 2.1% (+345,000) in 2006, the highest growth rate since 2002. This was the 14th consecutive year of employment increases in Canada. (Full Story)

January 4, 2007 - New CRA publication – Making a Difference for Canadians 2006 - The Canada Revenue Agency (CRA) is proud to announce the launch of a new publication called Making a Difference for Canadians 2006. The report shows how the CRA contributes to the well-being of Canadians through the collection of revenue, the distribution of benefit payments, and the administration of tax credits and legislation for federal, provincial, territorial, and First Nations clients. (Full Story)

December 27, 2006 - Canada’s New Government Announces 2007 Automobile Deduction Limits and Expense Benefit Rates for Business - Finance Minister Jim Flaherty announced the automobile expense deduction limits and the prescribed rates for the automobile operating expense benefit that will apply in 2007. Some changes include: Ceiling on capital cost of passenger vehicles for capital cost allowance (CCA) purposes remains at $30,000 for purchases after 2006 and the limit on deductible leasing costs will remain at $800 per month (plus applicable federal and provincial sales taxes) for leases entered into after 2006. (Full Story)

December 22, 2006 - Canada Pension Plan And Old Age Security Benefit Rates Effective January 1 - Canadians already receiving CPP benefits as of December 2006 will get an increase of 2.1 percent on January 1, 2007 . Canada Pension Plan benefits are adjusted once a year, in January. Increases are based on changes in the Consumer Price Index (CPI), the cost-of-living measure used by Statistics Canada, over a 12-month period. (Full Story)

December 22, 2006 - Employment Insurance Important notice about Maximum Insurable Earnings - Effective for all EI claims established December 31, 2006 and after, the maximum insurable earnings will increase from $39,000 to $40,000. The basic benefit rate is still 55% of your average insured earnings. This means you can receive a maximum payment of $423 per week. (Full Story)

December 12, 2006 - Tables on Diskette (TOD) - Effective January 1, 2007 - TOD 2007.1.5 - Tables On Diskette (TOD) is a stand-alone computer program that calculates the Canada Pension Plan (CPP); Employment Insurance (EI); and federal, provincial (except Quebec) and territorial tax deductions for all pay periods. TOD is usually updated, as tax changes occur, for January 1 and for July 1. TOD is produced to help reduce the paper burden for small businesses. (Full Story)

December 1, 2006 - Canada Revenue Agency interest rates for the first calendar quarter - The Canada Revenue Agency (CRA) today announced the prescribed annual interest rates that will apply to any amounts owed to the CRA and to any amounts the CRA owes to individuals and corporations. These rates are calculated quarterly in accordance with applicable legislation and will be in effect from January 1, 2007 to March 31, 2007.
(Full Story)

Alberta:

January 22, 2007 - STEP program helps address Alberta's labour shortage - The provincial government's Summer Temporary Employment Program (STEP) helps not-for-profit organizations find workers they need for the summer months and assists students and other Albertans looking for meaningful summer employment. Employers applying for STEP funding must submit an application by February 28. This year, government expects more than 3,000 people to be employed under STEP. (Full Story)

January 16, 2007 - Focus on safety qualifies five Alberta companies for top award - Five employers from across Alberta have been chosen as finalists for the 2007 WorkSafe Award for their commitment to making safety a number one priority. Employers were invited to make submissions in two categories: Safety Leader and Safety Turnaround. Safety Leader recognizes an employer that leads its industry with a top-notch health, safety and disability management program and proven injury prevention track record. (Full Story)

January 9, 2007 - Increased provincial tax credits to benefit Albertans - Albertans will see an increase in provincial tax credits for 2007, part of the continuing process of indexing the tax system to inflation. This latest increase brings the province's basic personal exemption, spousal exemption and eligible dependent amounts to $15,435 from $14,899, an increase of $536, or 3.6 per cent, over last year. A typical family of four can earn up to $39,200 with the Alberta Family Employment Tax Credit before paying any provincial income tax. An estimated 27,200 fewer Albertans will pay provincial income tax in 2007 because of the increase. (Full Story)

British Columbia:

January 12, 2007 - Certified crane operators safer for both employers and workers says WorkSafeBC - On July 1, 2007 WorkSafeBC will begin to enforce a Regulation requiring all operators of boom, tower, and mobile cranes in B.C. to hold a certificate proving competency. The Regulation, proclaimed January 1, 2007, gives current and new operators six months to move through the assessment process. (Full Story)

January 11, 2006 - WorkSafeBC Provides Award for Safety Innovation - The City of Prince George is the first recipient of the WorkSafeBC-sponsored northern Workplace Health and Safety Innovation Award. The Workplace Health and Safety Innovation Award, sponsored by WorkSafeBC, recognizes changes at the worksite level that have a direct impact on worker health and safety. Entries were submitted to the nominating committee to ensure that award criteria were met. A separate selection committee then chose the recipient from the nominees that met the criteria. (Full Story)

January 6, 2007 - Job Creation In British Columbia Remains Strong - British Columbia finished 2006 on a strong note, creating nearly 10,000 jobs in December for a total of over 65,000 new jobs in 2006, Economic Development Minister Colin Hansen announced today. "British Columbia's booming economy has resulted in our province leading the country in employment growth over the past five years," said Hansen. Since December 2001, B.C.’s economy generated 324,400 new jobs and led the country in job growth. In addition, more than 90 per cent of jobs created in B.C. since December 2001 have been full-time positions. (Full Story)

December 14, 2006 - B.C. Celebrates Three New Trades Training Initiatives - Industry leadership of British Columbia’s skills training system continues to expand with the approval by the Industry Training Authority (ITA) of three new industry training organizations (ITOs) in vital economic sectors: tourism, industrial/commercial/institutional construction, and resource industries, announced Economic Development Minister Colin Hansen today. The three new ITOs join those already operating in the automotive, residential construction and horticulture sectors, and together cover approximately 80 per cent of apprentices. (Full Story)

Manitoba:

January 18, 2007 - Re-Employment Obligation in Place for Manitoba Employers - New provisions regarding the re-employment of injured workers have come into effect for workplace injuries that happen on or after January 1, 2007. Known as the Re-employment Obligation, these requirements spell out the responsibilities involved in helping workers make a safe and healthy return to work. The Government of Manitoba proclaimed the Re-employment Obligation as a result of recent amendments to The Workers Compensation Act. (Full Story)

December 7, 2006 - Comprehensive Changes To Employment Standards Code Passed By Manitoba Legislature - Comprehensive changes to the Employment Standards Code in 30 years were passed today by the Manitoba legislature, Labour and Immigration Minister Nancy Allan has announced. "The legislation represents the most significant changes to Manitoba’s labour laws in 30 years and better reflects the realities of today’s workplaces," said Allan. "The changes include three new unpaid days for illness or to attend to family responsibilities and three new unpaid bereavement days, as well as new protection for children working alone." (Full Story)

New Brunswick:

January 28, 2006 - Workplace Health, Safety and Compensation Commission Releases 2007 Industry Assessment Rates - The New Brunswick Workplace Health, Safety and Compensation Commission has released the 2007 Industry Assessment Rates. This electronic version of the document details the breakdown of rates by Standard Industrial Classification including Rate Group and Basic Rate for each classification. (Full Story - PDF)

January 15, 2007 - March 1 deadline for employers to apply for SEED program - New Brunswick employers planning to hire a student for summer employment have until March 1 to apply for funding through the Student Employment and Experience Development (SEED) program. The provincially funded SEED program provides summer jobs to eligible students in provincial government departments and agencies, municipal and First Nation offices, and non-profit organizations. Students entering a post-secondary program in the fall of 2007 are eligible to apply. The program will provide employers a wage supplement of $7.25 per hour to help students gain work experience while earning a living during the summer months. (Full Story)

January 5, 2007 - Unemployment rate remains steady at 8.5 per cent - As another year came to a close, the unemployment rate remained steady in December to stand at 8.5 per cent, while the preliminary annual data for 2006 showed that New Brunswick experienced a 1.4 per cent increase in employment as compared to the previous year. Post-Secondary Education, Training and Labour Minister Ed Doherty reported today on the latest Labour Force Survey provided by Statistics Canada. Figures released by Statistics Canada show that there were 354,300 New Brunswickers employed in December, up by 2,200 from last month. (Full Story)

December 21, 2006 - Applications for student summer jobs now available - Applications for the Student Employment and Experience Development (SEED) program are now available for students wishing to get a head start on their summer job search, Post-Secondary Education, Training and Labour Minister Ed Doherty announced today. Doherty stated. "I encourage all students entering a post-secondary school next fall to pick up an application for our department's SEED program. As always, we begin the application process in late December so that students who study outside New Brunswick have a chance to apply while they are home for the holidays." (Full Story)

Newfoundland and Labrador:

December 29, 2006 - Minimum Wage Increases to $7.00 per Hour - Employers and workers in the province are advised that effective January 1, 2007, the minimum wage in the province is increasing from $6.75 to $7.00 per hour. "Government has committed an additional $64 million per year through the poverty reduction strategy to support new measures to help people with low incomes overcome barriers and access increased benefits and supports," said Minister Shelley. (Full Story)

December 22, 2006 - Improved Labour Legislation Reflects Employer-Employee Collaboration - Government brought forward two important Bills during the fall sitting of the House of Assembly in support of a series of positive changes to modernize the province’s labour legislation and improve the overall efficiency of the Labour Relations Board (LRB). The two Bills reflect a productive collaboration between employer and employee organizations and government and a mutual commitment to improve labour legislation as it pertains to the operation, rules and procedures governing the LRB. (Full Story)

December 19, 2006 - New Cheque Style Provides Increased Security - The Honourable Loyola Sullivan, Minister of Finance and President of Treasury Board, unveiled the province’s new cheque stock today featuring new measures which increase security and feature more methods to prevent fraud and duplication. In compliance with new standards being implemented by the Canadian Payments Association in 2007, the new cheques feature pre-printed boxes for the date and cheque amount. (Full Story)

December 6, 2006 - OHS Training Moves Into Cyberspace - The Newfoundland and Labrador Construction Safety Association (NLCSA) has launched Occupational Health and Safety Committee and Worker Health and Safety Representative training on-line, making it easier and more affordable for employers to access this mandatory training. In conjunction with Memorial University’s Division of Life Long Learning, the NLCSA is the first to offer this training course via the internet. (Full Story - PDF)

Northwest Territories:

December 20, 2006 - WCB employees donate over $9,600 to charities - This year WCB employees dug deep into their own pockets and raised over $9,600 for various charities in Yellowknife. "It’s pretty amazing how much our employees are willing to donate from their own pockets," says Theresa Wolfe, head of the WCB Fundraising Committee."“None
of the money we donate is from corporate donations or from the WCB. It comes solely from the generosity of our employees." (Full Story - PDF)

Nova Scotia:

January 9, 2007 - Minimum Wage Increase Recommended - An advisory committee is recommending that Nova Scotia's minimum wage be increased by 45 cents this spring. The Department of Environment and Labour released a report today, Jan. 9, from the Minimum Wage Review Committee that advises an increase from $7.15 to $7.60 per hour, effective April 1. The minister has 60 days to respond to the recommendation. (Full Story)

December 1, 2006 - WCB Collaborating with physicians - In Nova Scotia, it takes longer for an injured employee to return to work than in any other Canadian province. Research shows that when an injury occurs, staying connected to the workplace and continuing to work is one of the most important factors in injury recovery. The longer employees are off work, the more complicated injuries become and the less likely they are to return to work. To address this issue, the WCB is charting a new direction for workplace safety and return to work in this province. Health care is one area of focus. (Full Story)

Ontario:

January 3, 2007 - Ontario government raises minimum wage - The Ontario government is raising the minimum wage on February 1, 2007, for the fourth time since taking office, Labour Minister Steve Peters announced today. The general minimum wage will be raised to $8.00 per hour on February 1, 2007. This is the final increase in a four-year initiative that began February 1, 2004, at which time the government undertook to raise the minimum wage for the first time since 1995. It was phased in over a four-year period to allow Ontario business time to adjust and remain competitive. (Full Story)

January 2007 - WSIB Provides 2007 Premium Rates - The WSIB has introduced a number of measures to improve its financial situation. By helping to alleviate some financial pressures on the system, these measures have allowed the WSIB Board of Directors to keep the average premium rate at $2.26 per $100 of insurable earnings. This is unchanged from the 2006 average premium rate. (Full Story)

December 18, 2006 -McGuinty Government Recognizes The Role Of Extended Families In Ontario - The McGuinty government is recognizing the changing nature of family in Ontario by extending Family Medical Leave to include relatives and close friends, Labour Minister Steve Peters said today. Family Medical Leave gives employees up to eight weeks of job-protected, unpaid leave to care for a gravely ill family member, when there is a significant risk of death within 26 weeks. A recent change now allows employees to provide care for extended family members as well as friends who may be like family. (Full Story)

December 11, 2006 - Ontarians now have the right to choose when to retire - Ontario workers can now decide when to retire as the end of mandatory retirement takes effect on December 12, Labour Minister Steve Peters said today. "Ontarians deserve the right to choose when they want to retire," Peters said. "Workers can now decide when to retire based on lifestyle, circumstances and priorities. This is simply the right thing to do." Ontario Human Rights Chief Commissioner and the Minister Responsible for Seniors, joined Peters in marking the end of mandatory retirement. (Full Story)

Saskatchewan:

January 22, 2007 - Employer Payroll Statements in the Mail - All employers registered with the WCB receive their Employer Payroll Statements (EPS) during the first week or two in January. These statements are to be completed and returned to the WCB's Revenue and Employer Accounts department by February 28, 2007. On the EPS employers are required to report their actual payroll for 2006 and estimated payroll for 2007. They are also required to provide a list of all contractors and sub-contractors they hired in 2006 and the amounts that were paid to each. (Full Story)

January 5, 2007 - Job Numbers Hit Another Record In 2006 - It was a record-breaking year in Saskatchewan for jobs, with 2006 marking an all-time high for employment levels. Year-end job numbers released in the Statistics Canada Labour Force Report today show 491,600 people were employed in the province in 2006, breaking the previous record of 483,500 set in 2005 (seasonally unadjusted). This is the fourth year in a row the province has set annual job records. (Full Story)

December 5, 2006 - WCB Approves Final Premium Rates for 2007 - The Saskatchewan Workers' Compensation Board (WCB) today announced it will hold premium rates for 2007 stable at the 2006 levels. Accordingly, the average rate will remain at $1.84 per $100 of payroll. Approximately 65% of the WCB's nearly 34,000 registered employers will be assessed lower premiums or see premiums frozen for 2007. Another 25% of employers will see modest increases averaging 4.4%, while the remaining 10% will see more significant increases, averaging 14.9%. (Full Story)

December 1, 2006 - Job Numbers Red-Hot, Lowest November Unemployment Rate Since 1979 - Statistics Canada figures released today show the best November ever for people working in Saskatchewan. Last month 497,900 people were employed in the province (seasonally unadjusted figure). That's up 18,800 over the figure for November 2005 and tops by 14,000 the old record for November set two years ago. (Full Story)

The current release of GrandMaster Suite (5.31) incorporates a number of changes to make it even easier to use the program and perform your payroll tasks. Program changes since our last Payroll News issue include:

• New pension deduction calculation method added - A new deduction calculation method has been added specifically for pension deduction/benefits. This new calculation (code 142) determines the amount of the deduction by multiplying the earning amounts for selected earnings by a rate. From this amount the lesser of the selected earnings multiplied by a rate and the employee’s CPP/QPP contribution amount.
• Warning message added to Exception Listing Report - We have added a warning message to the Exception Listing Report indicating that an employee’s base earning has been set to “Use Bonus Tax Calculation”. This became necessary because if the employee’s base earning has this setting applied the tax calculated on the earning could be much higher than normal.
• Option to view future pay sequence dates and print a report added - With this release we have added an option to the Set Calculation Type process to allow you to view and/or print the future pay sequence dates. This option is only available when your calculation type is a Normal Pay.
• New Fixed deduction calculation method added - We have added a new deduction calculation method (code 143) that bases it’s calculation on a fixed deduction amount. You may have a benefit as a percent of the deduction and the benefit may have a pay period maximum.
• New Pension benefit calculation method added - A new pension benefit calculation method has been added with this release. The new calculation method (code 144) is similar to method 142 described above however, it is a benefit only calculation that determines the benefit amount just as 142 determines the deduction.
• Option to remove contents of year-end print file .csv work file added - When you print your year-end statements (T4, T4A, RL-1 or NR4) the print process will produce a .csv file in your \runtime directory that is used by the Crystal Reports print report engine to print your statements. Prior to this release the contents of this work file would be deleted when exiting the print dialog box to ensure that sensitive pay data was not left in an unsecured file that others may access.
• January 2007 Federal tax changes - Included in this release are these changes based on the “advance” copy of the “Payroll Deductions Formulas for Computer Programs – T4127(E) Rev. 07” document released by the CRA on November 15, 2006. If the final “Payroll Deductions Formulas for Computer Programs – T4127(E) Rev. 07” document differs from the advance copy you can expect a further update from CanPay. Further, the CRA has not yet posted all 2007 documents and forms (ie. TD1 forms and worksheets). Once the additional forms are available we will include them in a future release - Note: If you intend to use the new email options you must copy the mailsend.exe program file from your \runtime folder to the applicable data folder. For example, if you intend to send pay statements via email the mailsend.exe program file needs to be copied to the \EFT data directory. Likewise, if you intend to email employees information from reports in the Human Resource module the mailsend.exe program file must be copied to the \HR data directory before running the report. If the mailsend.exe program file is not resident in the data directory when the report is run the email processing will result in an error.
• Three new deduction calculation methods added - We have added three new deduction calculation methods. The new deductions are variants of deductions 106, 134 and 135 and are numbered 139, 140 and 141. Where prior deduction methods derive the annual earnings used in the deduction calculation via the earning summary, the new deductions determine the annual earnings based on the employee’s base earning rate.
• Employee CRA account added to import options - The option to include the employee CRA account setting has been added to the Import Employees… function. If you opt to include the CRA account in your import file the valid settings are “FULL RATE”, “REDUCED RATE” or “OTHER”. Any other setting will result in an error condition and the item will not be included in the import. Further, you must ensure that you are importing CRA account settings that you have pre-defined in the Payroll Information.
  The Tick List Report now supports email to employee - With this release, you now have the option to send emails to an employee and/or up to two supervisors when you print a Tick List Report (Human Resource). The email will contain a list of the required items as shown on your report.
• The Evaluation Report now supports email options - With this release, you now have the option to send emails to an employee and/or up to two supervisors when you print an Evaluations Required or Evaluations Completed Report (Human Resource). The email will display the employee information similar to your printed report.
  New Accumulator calculation method added - We have added a new accumulator calculation method, Calculation Code 19, that calculates based on a percentage of a numeric field. However, this new calculation method allows you to set the fixed numeric amount as one of the four Number options within the Additional Fields tab of the employee’s Payroll Specific Information.
• Payroll Remittance report now available - We have added the Payroll Remittance report to the list of available History reports. This report will provide a summary of remittance amounts similar to the summary at the end of the Payroll Register report. However, with this new report you are able to select a range of pay sequences to report on instead of a single pay sequence.
• HR Reports now support export option - This release includes changes to several of the Human Resource Module reports to allow you the option to export the selected report data to a .csv file. The export process uses similar methods as the export options in the Payroll Module where you indicate the export field position for items you have selected to be included in the report. Any items selected to be included in the report but do not have a field position assigned will not be exported.
• Option to import G/L Chart of Accounts added - We have added an option to import the G/L Master Validation List, otherwise known as a G/L Chart of Accounts from a delimited file. This is useful when setting up a new payroll or if you need to modify the descriptions in the existing validation list. The G/L Master Validation List is used to identify the G/L codes in your Distribution Tables and depending on your Administration settings you may be forced to use G/L codes from this list when defining your distributions.

• • •

Visit CanPay's News page and view the latest Release Notes for a complete listing of program changes.

Link Opportunity! - If you are a CanPay customer wanting more exposure for your Website, please send us a 50-word description along with a copy of your logo. We'll add you to our Customer Links page and create a link directly to your website. It 's a great way to expose your goods and services to the community. Logos should be a maximum of 160 x 70 pixels and provided in the .gif or .jpg format. Send your e-mails to admin@canpay.com.

CPP/QPP, WCB and EI Rates for 2007

The Canada Revenue Agency (CRA) has announced the updated rates for Canada Pension Plan (CPP)/Quebec Pension Plan (QPP), Employment Insurance (EI) and Worker's Compensation (WCB). They are briefly discussed here along with some basic year-end procedures for each item.

2007 Canada/Quebec Pension Plan

Employee and employer contributions to EI and CPP are based on all eligible earnings and commence January 1, 2007. For CPP and EI there are yearly maximum contribution amounts and once these are reached during the calendar year the contributions will cease. For those employees who earn more than $43,700.00 in a calendar year the maximum contributions amounts will be reached prior to the December pay period. Contributions to CPP and EI will commence again January 1 of the following year.

Contributions to the Canada Pension Plan (with few exceptions ) commence the following month the person turns of 18 years of age. Contributions cease as of age 70 even though the person may continue employment.

The 2007 Canada Pension Plan (CPP) and Quebec Pension Plan (QPP) rates are as follows:

Some CPP-related items to consider when preparing your T4s and T4As:

• Ensure that none of your employees have contributed more than the 2006 CPP maximum.
• All taxable benefits must be included as employment income and the corresponding source deduction totals must be updated. The latter is especially important for individuals below the yearly pensionable (CPP) earnings. Remember that non-cash taxable benefits are not insurable, with the exception of board and lodging benefits provided in the same pay period that an employee receives cash earnings and an employer’s contribution to an employee’s registered retirement savings plan.
• CPP/QPP pensionable earnings (Box 26) on the T4 slip must be completed only if the amount is different from the amount reported in Box 14. If the amounts are the same, you can leave the box blank.
• You must prepare two T4 slips for employees who made contributions to both the CPP and QPP: one showing the QPP deducted and the applicable pensionable earnings and remuneration the employee earned in Quebec, and the other showing the CPP deducted and the applicable pensionable earnings and remuneration the employee earned in any other jurisdiction.
• Ensure that you have not adjusted the CPP contribution amounts you reported on the T4 if you over-deducted employee contributions. The CRA will credit the employees with the over-contribution when they file their tax return.

Workers’ Compensation Filing Deadlines/Assessable Earnings

Each Canadian province/territory has enacted workers’ compensation legislation, which identifies the industries covered, employers’ responsibilities for paying assessments and responding to workplace accidents, and the conditions under which an employee may claim workers’ compensation benefits.

The following table outlines the different province/territory WCB filing deadlines and rates for 2007:

• When preparing your T4s and T4As, remember that top-up amounts paid to employees receiving WCB benefits are reported on the T4. The actual WCB benefits are not reported on the form. With the exception of Quebec, WCB benefits are reported by the provincial/territorial boards on form T5007, Statement of Benefits.

Employment Insurance

Employment Insurance (EI) contributions are the second deduction following Canada or Quebec Pension Plan contributions. Both employers and employees must pay into EI. There are no age limits for EI premiums. Eligibility for benefits is based on the number of hours an individual works, with their earnings insured from the first dollar earned, up to an annual maximum. The maximum was set at $39,000 since 1997 and increases to $40,000 in 2007.

The following table outlines the new EI rates for 2007:

Some EI-related items to consider when preparing your T4s and T4As:

• No employee has contributed more than the 2006 EI maximum.
• Ensure that you have not adjusted the EI premium amounts you reported on the T4 if you over-deducted employee contributions. The CRA will credit the employees with the over-contribution when they file their tax return