Canadian Payroll Deductions – Journal Template for British Columbia
| Account | Debit | Credit | Notes |
| Wages and Salaries | $$ | Total Earned by Employee before deductions, includes overtime and vacation payable | |
| EI Expense | $$ | Company Portion (1.4 x Employee portion) | |
| CPP Expense | $$ | Company Portion (equals Employee portion) | |
| Worksafe Expense | $$ | Company Expense set by Worksafe BC | |
| Chequing | $$ | Net wages payed to employee | |
| Vacation Payable | $$ | Reserve for employee’s earned vacations | |
| EI Payable | $$ | 2.4 x Employee portion | |
| CPP Payable | $$ | 2 x Employee portion | |
| Federal Income Tax Payable | $$ | Total Payable to Revenue Canada | |
| Provincial Income Tax Payable | $$ | Total Payable to the Province of BC | |
| Worksafe Payable | $$ | Total Payable to Worksafe BC |
Printed documentation on the Payroll Deductions is available from the CRA website. They also have an online deductions calculator here.
