Other Personal Tax Information

CPP AND EI RATES

For 2016 CPP employee contribution rate is 4.95% while maximum pensionable earnings are $54,900 and maximum contribution is $2,544.30. For EI contribution rate is 1.88%, maximum insurable earnings are $50,800 and maximum contribution is $955.04.

2016 AUTOMOBILE RATES AND LIMITS

Capital cost of a vehicle unchanged at $30,000 and maximum deductible leasing cost at $800 per month and maximum interest deduction will remain at $300 per month. Tax exempt allowance paid by employers to employees using their own car for business purposes will be $0.54 per KM for first 5,000 KM and $0.48 for each additional KM.

2016 BASIC PERSONAL TAX EXEMPTION

For 2015, basic personal federal tax exemption is $11,474 and for BC is $10,027.

AGE AMOUNT CREDIT

For 2016, the maximum age amount credit is $7,125.

2016 DISABILITY AMOUNT

For 2016, Federal disability tax credit is $8,001.

2016 CAREGIVER CREDIT

For 2016, Federal caregiver tax credit is $4,667 (parent or grandparent.