EI – Employment Insurance
- 1.87% of your pay is deducted as EI premiums, up to a maximum of $729.30 per year (2007)
- your employer contributes 1.4 times the amount you contribute, up to a maximum of $1,021.02 per year (2007)
CPP – Canadian Pension Plan
- 4.95% of your pay is deducted for CPP contributions, up to a maximum of $1910.70 per year (2007)
- your employer matches the amount deducted in an equal contribution
- Income taxes are charged by both the federal and provincial governments. The provincial income tax rates differ among the provinces, while the federal government rates are charged according to income.
- If you belong to a union you a required to pay union dues, which are tax-deductible.