By law, Canadian employers are required to withhold the contribution towards CPP (Canadian Pension Plan) and EI (Employment Insurance) premiums for all employees between 18 to 70 years of age. Employers residing in Quebec contribute to the QPP ( Quebec Pension Plan) and do not contribute to CP...
Canada Pension Plan (CPP) and Quebec Pension Plan (QPP) Second Additional Contribution A second, higher limit for pension contributions require employees to invest an additional portion of their earnings to the CPP or QPP. Employees contribute a certain percentage of their pensionable earnings (accord...
On June 22, 2023, new mandatory tax disclosure rules in the Income Tax Act (Canada) (the “ITA”) came into force, which expanded the scope of transactions that taxpayers, advisors and investors must report to the Canada Revenue Agency (the “CRA”). The mandatory disclosure rules encompass...
Your income tax rate is the same as you pay on your employment income. The difference is that you must pay both the employer’s and the employee’s portion of CPP. Self-employed individuals in Canada owe the Canada Revenue Agency (CRA) 11.4% of their income, to a maximum of $7,508.90...
(CPP). The employer’s contribution on account of CPP premiums is capped at a maximum of CA$3,867.50 per employee for 2024. Employees are also liable to make matching CPP contributions. The employer is responsible for withholding the employees’ CPP contributions at source and remitting this ...
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Tax ID Some Canadian provinces require that employers report and submit workers compensation premiums on the same schedule that payroll taxes are submitted (for example, weekly or biweekly) and that the employer report the premium under a 15-digit Canada Customs and Revenue Agency (CCRA) tax ID...
I have a question about delaying CPP (and focusing on reducig RRSP) – i thought it was better for him to start collecting CPP right at 60 so that the years so that not meeting the maximum contribution level (50k or so) would not affect his average. If he delays it until 65 or mor...
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