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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.


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