2014 Update for CPP/QPP, EI and Individual Personal Income Tax Rates
Although there are no increases in the CPP contribution rate and the EI premium rate in 2014, if your earning for the year will exceed the maximum pensionable/insurable earnings, your annual CPP and EI contributions may still go up slightly (by approximately 2.9% and 2.5% respectively) due to the increases in the maximum pensionable/insurable earnings.
There are no changes in the federal and provincial income tax rates, except for New Brunswick.
For comparison, the attachment shows the comparative CPP/QPP contribution rates, EI premium rates, federal and provincial income tax rates for 2013 and 2014.
We Can Help
We are a Toronto Chartered Accountant firm with 20 years of specialized experience in Canadian domestic and international taxation. We can assist with
- Cross border taxation;
- Business and succession planning;
- Canadian personal and corporate tax returns;
- Corporate tax planning and reorganization;
- Retirement planning;
- Estate planning and inheritance tax advice; and
- Tax audit dispute and resolution.
