The new year has started which means making updates to payroll deductions. To help you out, we’ve prepared a summary chart including all the 2020 rates for CPP, EI, taxes and more.
Deduction | Rate |
Employment Insurance Maximum insurable earnings: $54,200 |
Employee: 1.58 Some employees related to the employer may be exempt from paying Employment insurance – please read our article to learn more. |
CPP Maximum pensionable earnings: $58,700 Self-employed maximum premium: $5,796.00 | Employer and employee contribution rate: 5.25% Self-employed: 10.5% |
Federal & Provincial income tax
| Basic deduction: • Federal: $12,298 |
Worker's Compensation Maximum insurable: $55,300 per person | Based on classification Information on the employer surplus is available. |
| Minimum wage | As of April 1, 2019: $12.25 As of April 1, 2020: $12.85 |
If you have questions about payroll deductions please contact Business Resources at 1 888 234-2232 or [email protected]
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