The new year is coming, which means making updates to payroll deductions. To help you out, we’ve prepared a summary chart including all the 2020rates for HAPSET, CPP, EI, taxes etc.
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: $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 and Provincial income tax|
Maximum insurable: $66,980 per person
Based on classification.
Want to reduce your WorkplaceNL bill? read our information on PRIME.
|Minimum wage||$11.40 / hour|