
Tax Facts
The following limits apply
- Ceiling on capital cost of passenger vehicles remains at $30,000 plus applicable taxes
- Ceiling on deductible leasing costs will remain at $800, plus applicable taxes
- The limit on tax-exempt kilometre allowances is $0.59 for the first 5,000 kilometres driven and $0.53 for each additional kilometre. The limit on allowable interest deduction for amounts borrowed to purchase an automobile will remain at $300/month
Payroll Deductions
CPP
- Maximum Pensionable Earnings $58,700.00
- Basic Annual Exemption $3,500.00
- Contribution Rate 5.25%
- Maximum Employee Contribution $2,898.00
WCB
- Max Earnings for 2020 $87,100.00
EI
- Max Pensionable Earnings $54,200.00
- Premium Rate 1.58%
- EI Max $1,198.90