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 $0.52 for the first 5,000 kilometres driven and $0.46 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 $ 48,300.00
- Basic Annual Exemption $ 3,500.00
- Contribution Rate 4.95%
- Maximum Employee Contribution $ 2,217.60
EI
- Maximum Annual Insurance Earnings $ 44,200.00
- Premium Rate 1.78%
- Annual Premium $ 786.76
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