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2022 Payroll Deduction Table for Prince Edward Island

The new year has started which means making updates to payroll deductions. To help you out, we’ve prepared a summary chart including all the 2022 rates for CPP, EI, taxes and more.

Deduction

Rate

Employment Insurance

Maximum insurable earnings: $60,300
Maximum employee premium: $952.74
Maximum employer premium: $1,333.84

 

Employee: 1.58
Employer: 1.58 x 1.4 = 2.21%

Some employees related to the employer may be exempt from paying Employment insurance – please read our article to learn more.

CPP

Maximum pensionable earnings: $64,900
Basic exemption: $3,500
Maximum employee premium: $3,449.80
Maximum employer premium: $3,449.80

Self-employed maximum premium: $6,999.60

 

 

 

Employer and employee contribution rate: 5.70%

Self-employed: 11.4%

Federal & Provincial income tax

 

Basic deduction:

Federal:

  • $155,625 or less enter $14,398
  • More than $221,708 enter $12,719
  • Between $155,625 and $221,706 either:
    • get form TD1-WS and calculate partial claim; or
    • Enter $12,719

Provincial: $11,250

Worker's Compensation

Maximum insurable: $58,300 per person

Based on classification.

More information on Workers Compensation assessment rates is available on their website.

Minimum wage

Until March 31st 2022: $13.00 per hour

As of April 1, 2022: $13.70 per hour

If you have questions about payroll deductions please contact Business Resources at 1 888 234-2232 or atlantic@cfib.ca