2022 Figures for Rising Employment Costs (courtesy of CFIB & Benefits Survey by Aon)
| 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 |
| Provincial: $11,141 | |
| 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.
Business Mentor & CEO at Grow Vantage & Ask For Directions Training
Business Mentor at Ask For Directions Training and Grow Vantage
Patricia is the Business Mentor and owner of Grow Vantage and a Past President of the Barrie Chamber of Commerce. She applies over 30 years of business experience (from start-up to corporate) to mentor entrepreneurs. Since 2011, she has held over 6,500 coaching and training sessions in-person and online. Through Ask For Directions Training, her entrepreneurial training program (and parent company Grow Vantage), and as a business coach, she works with start-ups who are new (or who have lost traction) to design, launch and grow their businesses. Along with 20 other expert instructors she teaches strategies in marketing, sales, communications, and finance, as well as practical techniques to increase productivity, and manage their businesses. In other words, everything entrepreneurs need to learn to grow and run their businesses successfully, and avoid the costly mistakes they can't even see coming - that lead to delays in growth and getting stuck.
Patricia is the Business Mentor and owner of Grow Vantage and a Past President of the Barrie Chamber of Commerce. She applies over 30 years of business experience (from start-up to corporate) to mentor entrepreneurs. Since 2011, she has held over 6,500 coaching and training sessions in-person and online. Through Ask For Directions Training, her entrepreneurial training program (and parent company Grow Vantage), and as a business coach, she works with start-ups who are new (or who have lost traction) to design, launch and grow their businesses. Along with 20 other expert instructors she teaches strategies in marketing, sales, communications, and finance, as well as practical techniques to increase productivity, and manage their businesses. In other words, everything entrepreneurs need to learn to grow and run their businesses successfully, and avoid the costly mistakes they can't even see coming - that lead to delays in growth and getting stuck.
Latest posts by Patricia Dent (see all)
- Thinking of no gifts this Christmas? Here’s how to talk about it - December 7, 2024
- Health Canada says daily cannabis use hasn’t changed much since legalization - December 7, 2024
- Climate: Canada’s Arctic policy draws on international collaboration to face emerging threats - December 7, 2024