The Employment Insurance premium rate for 2020 is decreased to 1.58%.
January 2020 - Akler Browning LLP
Latest news and regulations from the financial world.
The Quebec Pension Plan contribution rate for employees and employers for 2020 is 5.7%, and maximum pensionable earnings are $58,700. The basic exemption is $3,500.
The Canada Pension Plan contribution rate for 2020 is increased to 5.25% of pensionable earnings for the year.
Dollar amounts on which individual non-refundable federal tax credits for 2020 are based, and the actual tax credit claimable, will be as follows:
The indexing factor for federal tax credits and brackets for 2019 is 1.9%. The following federal tax rates and brackets will be in effect for individuals for the 2020 tax year:
Each new tax year brings with it a listing of tax payment and filing deadlines, as well as some changes with respect to tax planning strategies. Some of the more significant dates and changes for individual taxpayers for 2020 are listed below.
The general corporate income tax rate will decrease from 11% to 10%, effective January 1, 2020.