Resource Library | Virtus Group https://virtusgroup.ca/category/resource-library/ Value | Worth | Expertise Tue, 02 Apr 2024 20:14:31 +0000 en-CA hourly 1 https://virtusgroup.ca/wp-content/uploads/2021/01/virtus-favicon.ico Resource Library | Virtus Group https://virtusgroup.ca/category/resource-library/ 32 32 216213194 2024 CPP & EI Rates – Changes For The New Year https://virtusgroup.ca/virtus-insights/2024-cpp-ei-rates-announced/?utm_source=rss&utm_medium=rss&utm_campaign=2024-cpp-ei-rates-announced Thu, 02 Nov 2023 22:34:05 +0000 https://virtusgroup.ca/?p=5952 On November 1, 2023, the Government of Canada announced changes to contributions for both Canada Pension Plan (CPP) and Employment Insurance (EI) for the 2024 calendar year. The changes in how CPP is treated on a personal tax return (which began in 2019) mean that of the $3,867.50 of normal max contribution, $631.00 will be...

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]]> On November 1, 2023, the Government of Canada announced changes to contributions for both Canada Pension Plan (CPP) and Employment Insurance (EI) for the 2024 calendar year.

The changes in how CPP is treated on a personal tax return (which began in 2019) mean that of the $3,867.50 of normal max contribution, $631.00 will be deductible on the T1 (rather than being a tax credit). This amount reflects the annual increase that began in 2019 – so the 4.95% rate that was in place in 2018 is still applicable as a credit, and the excess is deductible.

Additionally, as of 2024, there is a “CPP2” rate of 4% applied on the amount of earnings above the max earnings and below the CPP2 max earnings – effectively another 4% on that $6,600 gap. The CPP2 contributions by an employee are deductible, rather than being a credit – so someone with over $73,200 of earnings will contribute $4,055.50, of which a total of $838.00 will be deductible.

2024 CPP Contributions:

  • 2024 CPP1 max earnings – $68,500
  • 2024 CPP2 max earnings – $73,200
  • Exemption – $3,500
  • Max contribution – $3,867.50 CPP1, $4,055.50 CPP2 included
  • CPP Rate – 5.95% on CPP1; 4.00% on CPP2; employer’s portion matches dollar for dollar

(Source)

2024 EI Contributions:

  • Max earnings – $63,200
  • Max contribution – $1,049.12
  • EI Rate – 1.66%
  • Employer’s portion – 1.4 times employee portion

(Source)

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]]> 5952 Business Diagnostic Tools https://virtusgroup.ca/resource-library/business-diagnostic-tools/business-diagnostic-tools/?utm_source=rss&utm_medium=rss&utm_campaign=business-diagnostic-tools Tue, 18 May 2021 16:28:05 +0000 http://52.43.123.73/resource-library/business-diagnostic-tools/change-success-personal-diagnostic-copy/ Gain valuable insights for your business by utilizing one of our free diagnostic tools: Growth and Profit (GPS) Business Diagnostic Change Success Diagnostic Personal Change Success Diagnostic Performance Management Diagnostic

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]]> Gain valuable insights for your business by utilizing one of our free diagnostic tools:

Growth and Profit (GPS) Business Diagnostic

Change Success Diagnostic

Personal Change Success Diagnostic

Performance Management Diagnostic

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]]> 2026 Performance Management Diagnostic https://virtusgroup.ca/resource-library/business-diagnostic-tools/performance-management-diagnostic/?utm_source=rss&utm_medium=rss&utm_campaign=performance-management-diagnostic Wed, 05 May 2021 22:25:06 +0000 http://52.43.123.73/resource-library/business-diagnostic-tools/change-success-personal-diagnostic-copy/ The post Performance Management Diagnostic appeared first on Virtus Group.

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]]> 2008 Tax Forms & Publications https://virtusgroup.ca/resource-library/tax-resources/tax-forms-and-publications/?utm_source=rss&utm_medium=rss&utm_campaign=tax-forms-and-publications Fri, 01 Jan 2021 21:01:07 +0000 http://52.43.123.73/resources/tax-resources/tax-alerts-copy/ Forms, guides, tax packages, and other Canada Revenue Agency (CRA) publications.

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]]> On this page you can find links to forms and publications that you may be required to fill our for tax purposes.

Alberta Treasury Board and Finance

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]]> 1581 Tax Alerts https://virtusgroup.ca/resource-library/tax-resources/tax-alerts/?utm_source=rss&utm_medium=rss&utm_campaign=tax-alerts Fri, 01 Jan 2021 20:59:20 +0000 http://52.43.123.73/resources/tax-resources/financial-tax-planning-news-copy/ The latest announcements from the Canada Revenue Agency.

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]]> 1579 Financial & Tax Planning News https://virtusgroup.ca/resource-library/tax-resources/financial-tax-planning-news/?utm_source=rss&utm_medium=rss&utm_campaign=financial-tax-planning-news Fri, 01 Jan 2021 19:53:56 +0000 http://52.43.123.73/?p=1574 Stay up to date on the latest news from the financial and tax planning worlds.

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]]> 1574 Tax Calendar https://virtusgroup.ca/resource-library/tax-resources/tax-calendar/?utm_source=rss&utm_medium=rss&utm_campaign=tax-calendar Fri, 01 Jan 2021 18:00:07 +0000 http://52.43.123.73/?p=1566 Keep track of key dates and deadlines for the Canadian tax year.

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]]> 1566 Personal Tax Checklist https://virtusgroup.ca/resource-library/tax-resources/personal-tax-checklist/?utm_source=rss&utm_medium=rss&utm_campaign=personal-tax-checklist Fri, 01 Jan 2021 17:44:28 +0000 http://52.43.123.73/?p=1564 This helpful checklist can help you organize your tax information and assist you in preparing your return.

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]]> Tax season can be a stressful time. To make things a little easier this year, our tax team has put together a downloadable Personal Tax Checklist. Organize your tax documents and make sure you have all necessary information to submit to your accountant with our handy checklist. 

Download your free checklist here

Should you need any assistance in preparing your return, our professional advisors would be happy to discuss your requirements with you. Please fill in the form below

Further resources:

Personal Tax Rates

Tax questions? Get in touch with one of our tax experts.

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]]> 1564 Corporate Tax Rates https://virtusgroup.ca/resource-library/tax-resources/corporate-tax-rates/?utm_source=rss&utm_medium=rss&utm_campaign=corporate-tax-rates Fri, 01 Jan 2021 17:30:13 +0000 http://52.43.123.73/?p=1562 Find corporate tax rates from Saskatchewan, Alberta, British Columbia and Manitoba.

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]]> Our tax experts always ensure we are sharing the most up to date information. You can find all the Western provinces current corporate tax rates on this page.

Saskatchewan

Alberta

British Columbia

Manitoba

Questions? Get in touch.

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]]> 1562 Personal Tax Rates https://virtusgroup.ca/resource-library/tax-resources/personal-tax-rates/?utm_source=rss&utm_medium=rss&utm_campaign=personal-tax-rates Fri, 01 Jan 2021 17:27:53 +0000 http://52.43.123.73/?p=1560 Find personal tax rates from Saskatchewan, Alberta, British Columbia and Manitoba.

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]]> Our tax experts ensure we always have the most up-to-date personal tax information on our website. You can find the current RRSP, TFSA, and income tax information for Western Canadian provinces below:

Saskatchewan

Alberta

British Columbia

Manitoba

Questions? Get in touch.

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