This blog will be a collection of new numbers that the CRA has provided late in 2021 or early in 2022. Many numbers related to taxation are indexed to inflation, which for 2022 is 2.4%. See below for some key numbers, as well as some links for further reading:

Canada Pension Plan (“CPP”)

• Maximum annual pensionable earnings: $64,900 (2021: $61,600)
• Contribution rate: 5.70% (2021: 5.45%)
• Maximum annual employee and employer contribution: $3,499.80 (was $3,166.45)

Employment Insurance (“EI”)

• Maximum annual insurable earnings: $60,300 (2021: $56,300)
• Contribution rate: 1.58% (2021: 1.58%)
• Maximum annual employee premium: $952.74 (2021: $889.54)

Registered Retirement Savings Plan (“RRSP”)

• RRSP dollar limit: $29,210 (2021: $27,830)

Maximum Deduction on Personal Vehicles used for Business

• Provinces: first 5,000 km: $0.61
• Provinces: all km after that: $0.55
• Territories: first 5,000 km: $0.65
• Territories: all km after that: $0.59

Increased CCA Ceiling on Class 10.1 (Passenger) vehicles

New passenger vehicles purchased after January 1, 2022 will have a ceiling of $34,000 plus sales tax, up from $30,000 plus sales tax. For zero emission vehicles, it has increased from $55,000 to $59,000

CRA Link: All of the items indexed to inflation in the year:

Click here for the link

Canada Emergency Business Account (“CEBA”) Deadline Date Extended

The repayment date has been extended from December 31, 2022 to December 31, 2023.

Further Reading and References:

CPP Table

EI Table

RRSP Table

Vehicle Updates