To help you out with payroll deductions, we’ve prepared a summary chart including all the 2021 rates for HAPSET, CPP, EI, taxes etc.
Deduction | Rate |
---|---|
Health and Post-Secondary Education Tax (HAPSET) Exemption Threshold is $1.3 million | Based on payroll Payroll tax of 2% on payrolls above exemption threshold More information on the Dept. of Finance website. |
Employment Insurance (EI) Maximum insurable earnings: $56,300 | 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: $61,600 Self-employed maximum premium: $6,332.90 | Employer and employee contribution rate: 5.45% Self-employed: 10.9% |
Federal and Provincial income tax | Basic deduction: Federal:
Provincial: $9,536 |
Workers' Compensation Maximum insurable: $66,980 per person | Based on classification. Want to reduce your WorkplaceNL bill? read our information on PRIME. |
Minimum wage | As of April 1, 2021: $12.50 As of October 1, 2021: $12.75 |