The New Year will start soon, 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 etc.
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
Provincial: $8,481 (May be higher depending on your annual income) |
Workers’ Compensation Maximum insurable: $62,000 per person | Based on classification Need help navigating through a WCB Claim? The Employer Advisor is there to help. |
Minimum wage *Estimates for April 1 increase | $12.10 / hour (Experienced Rate) $11.60 / hour (Inexperienced Rate) |