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CPP, EI, Provincial and Federal Tax Rates

The government requires all employees to deduct CPP (Canada Pension Plan), EI (Employment Insurance) and Income Tax. The current rates for each of these deductions are listed below.

CPP Rates 2024 (Source)

Contribution Rate

Maximum Pensionable Earnings

Annual Basic Exemption

Annual Maximum Contribution

5.95%

$68,500.00

$3,500.00

$3,867.50

Second additional CPP contribution (CPP2) 2024 (Source)

Contribution Rate

Maximum Pensionable Earnings

Annual Maximum Contribution

4.00%

$73,200.00

$188

Employment Insurance (EI) Rates 2024 (Source)

Premium Rate

Maximum Insurable Earnings

Annual Maximum Premium

1.66%

$63,200.00

$1049.12

Ontario Income Tax Rates 2024 (Source)

Annual taxable income ($) from

Annual taxable income ($) to

Provincial tax rate

$0.00

$51,446.00

5.05%

$51,446.01

$102,894.00

9.15%

$102,894.01

$150,000.00

11.16%

$150,000.01

$220,000.00

12.16%

$220,000.01

and over

13.16%

Federal Tax Rates 2024 (Source)

Annual taxable income ($) from

Annual taxable income ($) to

Provincial tax rate

$0.00

$55,867.00

15%

$55,867.01

$111,733.00

20.5%

$111,733.01

$173,205.00

26%

$173,205.01

$246,752.00

29%

$246,752.01

and over

33%