Tax Credits and Deduction Limits
CPP AND EI RATES
For 2019 CPP employee contribution rate is 5.1% while maximum pensionable earnings are $57,400 and maximum contribution is $2,748.90. For EI contribution rate is 1.62%, maximum insurable earnings are $53,100 and maximum contribution is $860.22.
2019 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 $0.58 per KM for first 5,000 KM and $0.52 for each additional KM.
2019 BASIC PERSONAL TAX EXEMPTION
For 2019, basic personal federal tax exemption is $12,069 and for BC is $10,682.
AGE AMOUNT CREDIT
For 2019, the maximum age amount credit is $7,494.
2019 DISABILITY AMOUNT
Federal disability tax credit is $8,416.
2019 BUSINESS AUTO LEASE RATE
The limit on deductible leasing costs will remain at $800 per month (plus applicable federal and provincial-territorial sales taxes) for leases entered into after 2018. This limit is one of two restrictions on the deduction of automobile lease payments. A separate restriction prorates deductible lease costs where the value of the vehicle exceeds the capital cost ceiling.