
2017 Canada Revenue Agency (CRA) Various Maximums and Rates |
January 10th. 2017 |
It’s a new year which triggers changes to the CRA maximums and rates on various items. Please note the following:
Canada Pension Plan (CPP) · maximum pensionable earnings are $55,300; · maximum employee contribution for the year is $2,564.10; · maximum employer contribution for the year is $2,564.10; · maximum self-employed contribution for the year is $5,128.20;
Employment Insurance (EI) · maximum insurable earnings are $51,300; · maximum employee contribution for the year is $836.19; · maximum employer contribution for the year is $1,170.67.
Registered Retirement Savings Plan (RRSP) · maximum pensionable earnings are $144,500; · maximum contribution limit for the year is $26,010.
Tax Free Savings Account (TFSA) · maximum contribution limit for the year is $5,500.
Reasonable Auto Allowance Rates · $.54 per kilometer for the first 5,000 kilometers driven; and · $.48 per kilometer driven after that.
In the Northwest Territories, Yukon and Nunavut, there is an additional $.04 per kilometer for travel. If you pay your employee an allowance based on a per-kilometer rate that the CRA considers reasonable, you do not have to deduct CPP contributions, EI premiums or income tax.
Please contact your trusted advisors at S+C Partners if you have any questions. |
|
ARCHIVE |
|
CATEGORIES |
T1 Checklist T1 Checklist News Community Action 2005 - 2014 - Past Blog Posts |