Tax Facts

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