The following table shows the history of the maximum annual RRSP contribution limit.
The following table shows the maximum annual RRSP contribution limit.
The half-year rue restricts the capital cost allowance (CCA) on net acquisitions (consisting of additions for the year less the lesser of original cost and proceeds of disposition for the year) in the year to one-half of the normal claim.
When you are calculating an employee’s CPP contribution, you have to prorate the basic CPP exemption. The following table shows the prorated amount of basic CPP exemption for various pay periods.
As an employer, in some cases, you may under deduct an employee’s CPP contributions. Once the CRA discovers the deficiency, they will issue you a notice of assessment and you are responsible for remitting the balance due including both the employer’s and employee’s shares.