Canada Pension Plan (CPP) Rates:

 

2016

2017

2018

2019

2020

Yearly maximum

pensionable earnings

$54,900

$55,300

$55,900

$57,400

$58,700

Basic yearly exemption

$  3,500

$  3,500

$  3,500

$  3,500

$  3,500

Net contributory earnings

$51,400

$51,800

$52,400

$53,900

$55,200

Contribution rate

    4.95%

    4.95%

    4.95%

    5.10%

    5.25%

Employee's/employer's
maximum yearly contribution

$2,544.30

$2,564.10

$2,593.80

$2,748.90

$2,898.00

Self-employed yearly maximum

$5,088.60

$5,128.20

$5,187.60

$5,497.80

$5,796.00


Employment Insurance (EI) Rates:

 

2016

2017

2018

2019

2020

Yearly maximum insurable earnings

$50,800

$51,300

$51,700

$53,100

$54,200

Premium rate - employee's

1.88%

1.63%

1.66%

1.62%

1.58%

Maximum employee premium

955.04

836.19

858.22

860.22

856..36

Premium rate - employer's

(1.4 times employee's premium)

2.630%

2.282%

2.282%

2.268%

2.268%

Maximum employer premium

$1,336.04

$1,170.67

$1,201.51

$1,204.31

$1,198.90

 

Ontario Workplace Safety Insurance Board (WSIB):

 

2016

2017

2018

2019

2020

Yearly maximum insurable earnings ceiling - Ontario

 

$88,000

 

$88,500

 

$90,300

 

$92,600

 

$95,400

 

Automobile deduction limits:

 

2016

2017

2018

2019

2020

Capital cost ceiling (plus taxes)

$30,000

$30,000

$30,000

$30,000

$30,000

Deductible lease amount

 (plus applicable taxes)

$800

$800

$800

$800

$800

Maximum allowable interest

 per month

$300

$300

$300

$300

$300

Tax-exempt allowances

- 1st 5000 km

- Balance of kms

(Add: .04/km for YK/NWT/NU)

 

.54

.48

 

.54

.48

 

.55

.49

 

.58

.52

 

.59

.53

General prescribed rate

- other

- car dealers

 

.26

.23

 

.25

.22

 

.26

.23

 

.28

.25

 

.28

.25

 

Prescribed interest rates/average exchange rates

 

2016

2017

2018

2019

2020

Prescribed rates - loans - note 2

-          1st quarter

-          2nd quarter

-          3rd quarter

-          4th quarter

 

1.0%

1.0%

1.0%

1.0%

 

1.0%

1.0%

1.0%

1.0%

 

1.0%

2.0%

2.0%

2.0%

 

2.0%

2.0%

2.0%

2.0%

 

2.0%

tba

tba

tba

Average annual exchange rate

-          US dollar

-          UK pound

-          Euro

 

1.324806

1.796212

1.4600

 

1.2986

1.6720

1.465

 

1.2957

1.7299

1.5302

 

1.3269

1.6945

1.4856

 

tba

tba

tba

 


 

 

Other items:

2016

2017

2018

2019

2020

Basic personal amount

-          Federal

-          Ontario

 

$11,474

$10,011

 

$11,635

$10,175

 

$11,809

$10,354

 

$12,069

$10,582

 

$12,298

$10,783

Spousal amount

Federal

-          Base amount

-          Maximum claim

Ontario

-          Base amount

-          Maximum claim

 

 

$11,474

$11,474

 

$9,350

$8,500

 

 

$11,635

$11,635

 

$9,500

$8,636

 

 

$11,809

$11,809

 

$9,671

$8,792

 

 

$12,069

$12,069

 

$9,883

$8,985

 

 

$12,298

$12,298

 

$10,071

$ 9,156

Disability amount

-          Federal

-          Ontario

 

$8,001

$8,088

 

$8,113

$8,217

 

$8,235

$8,365

 

$8,416

$8,549

 

$8,576

$8,712

Pension amount

-          Federal

-          Ontario

 

$2,000

$1,384

 

$2,000

$1,406

 

$2,000

$1,432

 

$2,000

$1,463

 

$2,000

$1,491

Age Amount - see note 1

Federal

-          Amount

-          Threshold income

Ontario

-          Amount

-          Threshold income

 

 

$  7,125

$35,927

 

$  4,888

$36,387

 

 

$  7,225

$36,430

 

$  4,966

$36,969

 

 

$  7,333

$36,976

 

$  5,055

$37,635

 

 

$  7,494

$37,790

 

$  5,166

$38,463

 

 

$  7,637

$38,508

 

$  5,265

$39,193

Education amount

Federal

-          Full time

-          Part time

Ontario

-          Full time

-          Part time

 

 

$400

$120

 

$539

$161

 

 

 

 

 

$547 (January

$164 to Sept)

 

 

 

 

 

 


 

Old Age Security / Canada Pension Plan Benefits

 

2016

2017

2018

2019

2020

Old Age Security Benefits

-         monthly - 1st quarter

-         monthly - 2nd quarter

-         monthly - 3rd quarter

-         monthly - 4th quarter

-          Annual Maximum

-          Clawback Threshold

 

     570.52

     570.52

     573.37

     578.53

  6,878.82

73,756.00

 

     578.53

     578.53

     583.74

     585.49

   6978.87

74,789.00

 

     586.66

     589.59

     596.97

     600.85

  7,122.21

75,910.00

 

     601.45

     601.45

     607.46

     613.53

  7,271.67

77,580.00

 

     613.53

     tba

     tba

     tba

     tba

79,054.00

CPP Maximum Monthly

            Retirement Benefit

  

  1,092.50

 

  

  1,114.17

 

  

  1,134.17

 

  

  1,154.58

 

  

   1,175.83

 

 

 

 

NOTES:

1.        Age amount (age 65 or older during the year) is reduced by 15% of each dollar of net income above the threshold amount.

2.        The interest rate used to calculate taxable benefits for employees and shareholders from interest-free and low-interest loans. Currently, to determine the interest rate for all refunds and overpayments, CCRA adds two percentage points to that figure. It adds four percentage points to determine the rate for all overdue taxes, penalties, interests, insufficient instalment payments, and unpaid employee tax deductions. This rate also applies to unpaid Canada Pension Plan contributions and Employment Insurance premiums.

3.       The information is current as of January 6, 2020