2020 personal tax credit and rates
Please find below the Federal and Provincial rates for the 2020 tax year:
Canada Pension Plan – CPP contribution amounts/year
- Yearly maximum pensionable earnings – $58,700.00
- Basic personal exemptions – biweekly $134.61
- Annual contributory earnings – $55,200.00
- Employee contribution rate – 5.25%
- Employer contribution rate – 5.25%
- Annual maximum contribution (employee/employer) – $2,898.00
Employment Insurance rates – EI contribution amounts/year
- Annual maximum insurable earnings – $54,200.00
- Employee (EE) premium/contribution rate – 1.58%
- Annual maximum premium – employee $856.36
- Annual maximum premium – employer $1,198.90
Please note CPP and EI premium contributions for both employee and employer resets every year. This means employees and employer will have to pay CPP and EI premiums in 2020 starting PP01, pay date January 14, 2020, until the maximum threshold amounts are met. The yearly amounts are as follows:
- CPP annual maximum employee/employer contribution amount of $2898.00
- EI annual premium employee contribution amount of $856.36 and employer annual EI contribution is $1,198.00
Canada Revenue Agency TD1 – Personal Exemptions Form
We are encouraging you to review your personal tax exemption amounts. By completing a new TD1 form for this year, you will be able to calculate the correct Canadian income tax to be taken off your biweekly payroll. More information is available on the CRA website.
Employee personal information
It is important to have your personal information current in our system. This will enable Payroll Services (and the university) to send future correspondence to you on time. You can review and update your personal information by logging into PeopleSoft, click on Employee Self Service and then review/update your personal information by clicking on Personal Details.
If you have questions, please contact Payroll Services at (780) 497-4222 or by email at email@example.com.