If you haven’t checked your mailbox you might have a nice surprise waiting! That’s right WSIB rates are going down by 30%. Employers in the trades will certainly notice a difference.
CPP rates for employers and employees have increased from 4.95% to 5.1% and the annual maximum pensionable earnings have increased from $55,300 to $55,900. Remember CPP contribution rates are set to increase until 2023.
EI rates for employers have decreased from 1.66% to 1.62% while the maximum insurable earnings have increased from $51,700 to $53,100.
General minimum wage remains at $14.00/hour, student at $13.15 and Liquor Servers $12.20.
Employers with payroll over $450,000 can breathe a little easier as the Ontario Employer Health Tax exemption has increased to $490,000.
Helping you see the opportunities in your numbers.
Jonathan Audette, CPA, CA Jonathan Audette Professional Corporation