If you are doing your tax planning for 2015, you may find the following tax rates and maximums helpful from the Canada Revenue Agency (CRA).

Did you know that if you reach the maximum CPP or EI in 2015 before the end of the year, you will see an increase in the amount of your net pay? That’s because many people reach their maximum level of CPP or EI contributions sometime during the year. When this happens, you will see an increase in the amount of your net pay as there will no longer be CPP / EI deductions withheld until the beginning of the next tax year.

Here are the maxiumums for 2015 for CPP, EI as well as your Personal Tax Credit

CPP/QPP—2015

Year’s Maximum Pensionable Earnings $53,600.00
Year’s Basic Exemption (by pay period type):
* Annual $3,500.00
* Monthly (12) $291.66
* Semi-Monthly (24) $145.83
* Bi-Weekly (26) $134.61
* Weekly (52) $67.30
Maximum Contributory Earnings $50,100.00
Contribution Rate – Employee/Employer 4.95%
Contribution Rate – Self-Employed 9.9%
Maximum Contribution – Employee/Employer $2,479.95
Maximum Contribution – Self-Employed $4,959.90

 

EMPLOYMENT INSURANCE – 2015

Maximum Annual Insurable Earnings $49,500.00
Premium Rate (Employee) 1.88%*
Premium Rate (Employer, 1.4 x Employee) 2.632%*
Annual Maximum Premium (Employee) $930.60*
Annual Maximum Premium (Employer) $1,302.84*

*Unless a reduced premium rate applies

 

TD1 – PERSONAL TAX CREDIT RETURN (FEDERAL) – 2015

Basic Personal Amount $11,327.00
Eligible Dependant or Spouse or Common – Law Partner Amount $11,327.00
Canada Child Tax Benefit – Base Benefit $1,471.00
Pension Income Amount $2,000.00
Age 65 Amount $7,033.00
Disability Amount $7,899.00
Caregiver Amount or Infirm Dependant Amount $4,607.00
Education Amount – Full Time $400.00/month
Education Amount – Part Time $120.00/month