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.
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: $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 and Provincial income tax | Basic deduction:
|
Workers' Compensation 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 |
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