What are the payroll tax rates changes for 2017 for withholdings?
Payroll tax rates change every year and it is important for you to know the correct rates when preparing payroll remittances. See below for updated rates for 2017 with 2016 comparison.
|Canada Pension Plan||2016||2017|
|Annual maximum pensionable earnings||$54,900||$55,300|
|Annual basic exemption||$3,500||$3,500|
|Annual maximum employee contribution||$2,544.30||$2,564.10|
|Annual maximum employer contribution||$2,544.30||$2,564.10|
|Annual maximum insurable earnings||$50,800||$51,300|
|Annual maximum employee contribution||$955.04||$836.19|
|Employee contribution rate||1.88%||1.63%|
|Employer contribution rate||2.63%||2.28%|
|Federal Tax Credits||2016||2017|
|Spouse/Equivalent to spouse||$11,474||$11,635|
|B.C. Provincial Tax Credits||2016||2017|
|Spouse/Equivalent to spouse||$8,586||$8,740|
Dave Sran, BBA (Hons), CPA, CGA, Manager
Staff Accountant, Gilmour Knotts Chartered Accountant.
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