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5 Tax Tips for your income tax return
March 22, 2019

Maximum pensionable earnings for the purpose of calculating CPP contributions have been increased from $55,900 to $57,400 for 2019. The annual basic exemption remains at $3,500, the contribution rate has been increased from 4.95% to 5.1% for 2019. The maximum contribution for employees has therefore increased from $2,593.80 to $2,748.90. The rate for calculating EI premiums in provinces other than Quebec has been reduced from 1.66% to 1.62% for 2019. However, maximum insurable earnings have been increased from $51,700 to $53,100. As a result, the maximum EI premium for employees has increased from $858.22 to $860.22. Employer contribution rate 2.268%, employer yearly maximum $1,204.31 for 2019.

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