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In 2014, the full amount for infirm dependants age 18 or older is $6,589, which includes the $2,058 family caregiver amount, providing you with a maximum tax credit of $988.35 (15% of $6,589). The credit is a non-refundable tax credit. The amount is reduced dollar by dollar by your dependant’s net income (line 236 of his or…
Tax brackets are the amount of income that is subject to specific income tax rate. The income means the taxable income that is after you take off allowable deductions from your total income. Here are the income tax rates and brackets for 2014.
The employment insurance (EI) rate remains unchanged at 1.88% in 2014. The maximum insurable earnings increase $1,200 to $48,600. The employees earning $48,600 or more will have to contribute $22.56 more compared to 2013. The employers will have to spend $31.58 more on EI premium for each employees with salary of $48,600 or higher. The…
The following taxable shows a employment insurance (EI) premium rates and maximums from 1997 to 2006 (click here for current EI rates and maximums).
The employment insurance (EI) rates increase to 1.88% in 2013 from 1.83%. The maximum insurable earnings increase $1,500 to $47,400. The employees earning $47,400 or more will have to contribute $51.15 more compared to 2012. The employers will have to spend $71.61 more on EI premium for each employees with salary of $47,400 or higher….
The following table shows the Canada Pension Plan (CPP) contribution rates, maximums and exemptions from 1997 to 2005 (click here for current rates and maximums):
The Canada Pension Plan (CPP) rate and exemption remains the same in 2013. But the maximum pensionable earnings increase $1,000 to $51,100 in 2013 from $50,100. As a result, the employees who earn $51,100 or more will have to make $49.50 more in CPP contribution compared to 2012. Employers will also see their CPP expenses…
If you are self-employed, you have to pay Canada Pension Plan (CPP) contribution based on your net profit (after expenses).