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 $0.54 for the first 5,000 kilometres driven and $0.48 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 $55,300.00
  • Basic Annual Exemption $3,500.00
  • Contribution Rate 4.95%
  • Maximum Employee Contribution $2,564.10

WCB

  • Max Earnings for 2013 $81,900.00

EI

  • Max Pensionable Earnings $51,300.00
  • Premium Rate 1.63%
  • EI Max $836.19