EI premium rates and maximums
| Year | Maximum annual insurable earnings | Rate (%) |
|---|---|---|
| 2022 | $60,300 | 1.20 |
| 2021 | $56,300 | 1.18 |
| 2020 | $54,200 | 1.20 |
| 2019 | $53,100 | 1.25 |
What is the EI rate in Quebec?
Quebec Employment Insurance Rates
| Year | Maximum Insurable Earnings (MIE) | Employer Rate |
|---|---|---|
| 2023 | $61,500 | 1.778% |
| 2022 | 60,300 | 1.680% |
| 2021 | 56,300 | 1.652% |
| 2020 | 54,200 | 1.680% |
What is the maximum EI contribution for 2022 in Quebec?
Example. You stop deducting employment insurance premiums when you reach the employee’s maximum insurable earnings ($60,300 for 2022) or the maximum employee premium for the year ($952.74 for 2022). For Quebec, the maximum employee premium for 2022 is $723.60.
What are EI premiums?
You have to deduct employment insurance ( EI ) premiums from an employee’s insurable earnings if that employee is in insurable employment during the year. Insurable employment includes most employment in Canada under a contract of service (employer-employee relationship).
How do I calculate EI deductions?
For the majority of people, the basic rate for calculating EI benefits is 55% of your average insurable weekly earnings, up to a maximum amount.
What is CPP and EI rate for 2022?
The employee and employer contribution rates for 2023 will be 5.95%—up from 5.70% in 2022, and the self-employed contribution rate will be 11.90%—up from 11.40% in 2022. The increase in contribution rate is due to the continued implementation of the CPP enhancement.
Is EI different in Quebec?
Employers who have employees working or reporting to work in Quebec (or whose salary or wages are paid through a place of business that is physically located in Quebec) use a reduced EI rate for deducting EI premiums. However, employers who have employees working outside Quebec use the regular EI rate.
What is the employer rate for EI 2022?
The rate is set at $1.58 per $100 of insurable earnings for employees and $2.21 for employers who pay 1.4 times the employee rate, which is unchanged from the 2020 and 2021 premium rate.
What is the reduced EI rate for 2022?
This calculation is based on an employee who earned $60,300, which is the yearly maximum insurable earnings for 2022. An employee whose salary is $60,300 during 2022 will pay EI premiums of $952.74 (calculated at 1.58 %). For the purpose of this calculation, we have used a reduced employer multiplier of 1.172.
What is the QPP rate for 2022?
Calculation of contributions
Therefore, in 2022, the contribution rate is 12.3% of an employee’s gross earnings. The rate includes contributions to the basic plan and the additional plan. You pay half (6.15%) and you deduct the other half at source from the employee’s pay.
What are the EI maximums for 2022?
This premium rate and the MIE increase means that insured workers will pay a maximum annual EI premium in 2023 of $1,002.45 compared with $952.74 in 2022.
How much CPP and EI do I pay?
Canada Pension Plan (CPP) contributions
In 2022 rates have increased from 5.45% to 5.7% for both the employee and employer. The 2022 maximum pensionable earnings are $64,900, with a basic exemption of $3,500. Any amounts over the maximum pensionable amount will not be subject to CPP.
How much EI will I get per week?
This means that an insured worker will pay EI premiums in 2022 on insured earnings up to $60,300. The maximum weekly EI benefit rate has increased from $595 to $638 per week. Eligibility is based on how you lost your job, and how long you were working before your job ended.
How is EI 2022 calculated?
For most people, the basic rate for calculating Employment Insurance (EI) benefits is 55% of their average insurable weekly earnings, up to a maximum amount. As of January 1, 2022, the maximum yearly insurable earnings amount is $60,300. This means that you can receive a maximum amount of $638 per week.
What percentage does EI take?
The basic rate used to calculate sickness benefits is 55% of average insurable weekly earnings, up to a maximum amount. In 2022, the maximum amount is $638 a week.
What percentage of pay is deducted for EI?
This means a deduction of $1.58 will be made for every $100 of salary until the $60,300 for the year has been reached. For example, if an individual earns $65,000 a year, premiums are payable on the first $60,300. The premium rate for workers in Quebec will be $1.20.
Do CPP and EI go up in 2022?
With a new calendar year, your business is in for a payroll tax hike with Canada Pension Plan (CPP) and Quebec Pension Plan (QPP) increases that start January 1, 2022.
What is the Canada Employment Amount for 2022?
Indexation adjustment for personal income tax and benefit amounts
| Description | 2023 | 2022 |
|---|---|---|
| Age amount | $8,396 | $7,898 |
| Net income threshold for age amount | $42,335 | $39,826 |
| Canada employment amount (maximum) | $1,368 | $1,287 |
| Canada caregiver amount for other infirm dependants age 18 or older (maximum amount) | $7,999 | $7,525 |
What is the new rule for EI?
For EI claims established between September 26, 2021 and September 24, 2022, you will need 420 hours of insurable employment to qualify for regular benefits. This is the entrance requirement for all regular benefit claims within this period, regardless of where you live in Canada.
Is EI different in each province?
Except for Quebec, the distribution is similar for amount paid in EI benefits.
Which province has the highest unemployment rate in Canada 2022?
- Nova Scotia 6.2 per cent (7.6)
- New Brunswick 6.7 per cent (7.6)
- Quebec 4.4 per cent (4.5)
- Ontario 5.8 per cent (5.7)
- Manitoba 4.5 per cent (5.3)
- Saskatchewan 4.1 per cent (4.9)
- Alberta 5.5 per cent (5.4)
- British Columbia 4.3 per cent (4.8)