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