Canada Pension Plan (CPP) Rates:

 

2012

2013

2014

2015

2016

Yearly maximum

pensionable earnings

$50,100

$51,100

$52,500

$53,600

$54,900

Basic yearly exemption

$  3,500

$  3,500

$  3,500

$  3,500

$  3,500

Net contributory earnings

$46,600

$47,600

$49,000

$50,100

$51,400

Contribution rate

    4.95%

    4.95%

    4.95%

    4.95%

    4.95%

Employee's/employer's
maximum yearly contribution

$2,306.70

$2,356.20

$2,425.50

$2,479.95

$2,544.30

Self-employed yearly maximum

$4,613.40

$4,712.40

$4,851.00

$4,959.90

$5,088.60


Employment Insurance (EI) Rates:

 

2012

2013

2014

2015

2016

Yearly maximum insurable earnings

$45,900

$47,400

$48,600

$49,500

$50,800

Premium rate - employee's

1.83%

1.88%

1.88%

1.88%

1.88%

Maximum employee premium

839.97

891.12

913.68

930.60

955.04

Premium rate - employer's

(1.4 times employee's premium)

2.570%

2.630%

2.630%

2.630%

2.630%

Maximum employer premium

$1,179.63

$1,247.57

$1,278.18

$1,302.84

$1,336.04

 

Ontario Workplace Safety Insurance Board (WSIB):

 

2012

2013

2014

2015

2016

Yearly maximum insurable earnings ceiling - Ontario

 

$81,700

 

$83,200

 

$84,100

 

$85,200

 

$88,000

 

Automobile deduction limits:

 

2012

2013

2014

2015

2016

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)

 

.53

.47

 

.54

.48

 

.54

.48

 

.55

.49

 

.54

.48

General prescribed rate

- other

- car dealers

 

.26

.23

 

.27

.24

 

.27

.24

 

.27

.24

 

.26

.23

 

Prescribed interest rates/average exchange rates

 

2012

2013

2014

2015

2016

Prescribed rates loans - note 3

-          1st quarter

-          2nd quarter

-          3rd quarter

-          4th quarter

 

1.0%

1.0%

1.0%

1.0%

 

1.0%

1.0%

1.0%

2.0%

 

1.0%

1.0%

1.0%

1.0%

 

1.0%

1.0%

1.0%

1.0%

 

1.0%

 

 

Average annual exchange rate

-          US dollar

-          UK pound

-          Euro

 

0.99958008

1.58399402

1.2850

 

1.02991480

1.61126560

1.3681

 

1.104466

1.819031

1.4671

 

1.278711

1.953984

1.4182

 

tba

tba

tba

 


 

Other items:

2012

2013

2014

2015

2016

Basic personal amount

-          Federal

-          Ontario

 

$10,822

$  9,405

 

$11,038

$  9,574

 

$11,138

$  9,670

 

$11,327

$  9,863

 

$11,474

$10,011

Spousal amount

Federal

-          Base amount

-          Maximum claim

Ontario

-          Base amount

-          Maximum claim

 

 

$10,822

$10,822

 

$8,784

$7,986

 

 

$11,038

$11,038

 

$8,942

$8,129

 

 

$11,138

$11,138

 

$9,032

$8,211

 

 

$11,327

$11,327

 

$9,212

$8,375

 

 

$11,474

$11,474

 

$9,350

$8,500

Disability amount

-          Federal

-          Ontario

 

$7,546

$7,598

 

$7,697

$7,735

 

$7,766

$7,812

 

$7,899

$7,968

 

$8,001

$8,088

Pension amount

-          Federal

-          Ontario

 

$2,000

$1,300

 

$2,000

$1,324

 

$2,000

$1,337

 

$2,000

$1,364

 

$2,000

$1,384

Age Amount see note 1

Federal

-          Amount

-          Threshold income

Ontario

-          Amount

-          Threshold income

 

 

$  6,720

$33,884

 

$  4,592

$34,183

 

 

$  6,854

$34,562

 

$  4,674

$34,798

 

 

$  6,916

$34,873

 

$  4,721

$35,146

 

 

$  7,033

$35,466

 

$  4,815

$35,849

 

 

$  7,125

$35,927

 

$  4,888

$36,387

Education amount see note 2

Federal

-          Full time

-          Part time

Ontario

-          Full time

-          Part time

 

 

$400

$120

 

$506

$151

 

 

$400

$120

 

$515

$154

 

 

$400

$120

 

$520

$156

 

 

$400

$120

 

$531

$159

 

 

$400

$120

 

$539

$161

 

 

Old Age Security / Canada Pension Plan Benefits

 

2012

2013

2014

2015

2016

Old Age Security Benefits

-         monthly - 1st quarter

-         monthly - 2nd quarter

-         monthly - 3rd quarter

-         monthly - 4th quarter

-          Annual Maximum

-          Clawback Threshold

 

     540.12

     540.12

     544.98

     544.98

  6,510.60

69,562.00

 

     546.07

     546.07

     549.89

     550.99

  6,579.06

70,954.00

 

     551.54

     551.54

     558.71

     563.74

  6,676.59

71,592.00

 

     563.74

     563.74

     564.87

     569.95

  6,786.90

72,808.00

 

     570.52

      tba

      tba

      tba

      tba

72,808.00

CPP Maximum Monthly

            Retirement Benefit

  

     986.67

 

  

  1,012.50

 

  

  1,038.33

 

  

  1,065.00

 

  

  1,092.50

 

 

 

 

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.        For a student enrolled part-time at a university, college, or educational institution certified by Human Resources Development Canada, claim amount also available for the total of the tuition fees paid, if more than $100 per institution.

3.        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.

4.        The information is current as of January 1, 2016