|Employer Health TaxThis is a tax paid by the employer and not deducted from employees.Exemption Threshold is $1 million||Tax rate above the threshold is .98% to 1.95% depending upon how much over the threshold the employer is.Please see the Ministry of Finance website for more information.|
|Employment Insurance Maximum insurable earnings: $60,300Maximum employee premium: $952.74Maximum employer premium: $1,333.84||Employee: 1.58Employer: 1.58 x 1.4 = 2.21% Some employees related to the employer may be exempt from paying Employment insurance – please read our article to learn more.|
|CPPMaximum pensionable earnings: $61,600Basic exemption: $3,500Maximum employee premium: $3,499.80Maximum employer premium: $3,499.80 Self-employed maximum premium: $6,999.60||Employer and employee contribution rate: 5.70% Self-employed: 11.4%|
|Federal & Provincial income tax||Basic deduction:Federal:$155,625 or less enter $14,398For deductions based on different income levels, see:Federal: TD1 2022 Personal Tax Credits Return and TD1-WS 2022 WorksheetProvincial: TD1ON 2022 Personal Tax Credits Return|
|Workers’ Compensation WSIB Maximum insurable: $100,422 per person||Based on classification. See premium rates for 2022.|
Minimum wage for Ontario is $15.00 until October 1st, 2022. After October 1st it will be increased to $15.50
Employer-provided medical benefits costs in Canada will rise seven per cent in 2022, according to a new survey by Aon.
The annual global medical trend rates survey found the expected increase for Canadian employer-sponsored medical plan costs is due to a combination of higher costs for dental care, paramedical expenses and prescription drugs. It was conducted among 108 Aon offices with responses reflecting the medical trend expectations of Aon professionals based on their interactions with plan sponsor clients and carriers.
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