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.
Maximum insurable earnings: $54,200
Some employees related to the employer may be exempt from paying Employment insurance – please read our article to learn more.
Maximum pensionable earnings: $58,700
Self-employed maximum premium: $5,796.00
Employer and employee contribution rate: 5.25%
Federal & Provincial income tax
Maximum insurable: $55,300 per person
Based on classification
Information on the employer surplus is available.
As of April 1, 2019: $12.25
As of April 1, 2020: $12.85