| $ | ||
| CPP |
Pensionable Earnings |
55,300 |
|
Exemption |
3,500 |
|
|
51,800 |
||
|
Rate |
4.95% |
|
|
Contribution |
2,564.10 |
|
| QPP |
Pensionable Earnings |
55,300 |
|
Exemption |
3,500 |
|
|
51,800 |
||
|
Rate |
5.40% |
|
|
Contribution |
2,797.20 |
|
| EI |
Insurable Earnings |
51,300 (no maximum per pay per period) |
|
Rate- Québec employee |
1.27% (employer rate 1.778%) |
|
|
Rate- Other employee |
1.63% (employer rate 2.282%) |
|
|
Max. employee’s premium – Québec |
651.51 |
|
|
Max. employee’s premium – Other |
836.19 |
|
| QPIP |
Insurable Earnings |
72,500 (no maximum per pay per period |
|
Rate |
0.548% (employer rate 0.767%) |
|
|
Max. employee’s premium |
397.30 |
|
|
Rate- Self-employed |
0.973% |
Note: EI and QPIP premiums apply to the first dollar of insurable earnings; there is no minimum threshold of hours and/or amounts.
About the Author:
Ofer Tamir, CPA, CA, is a Tax Manager at Crowe BGK.
Connect with him: [email protected]