The Canada Revenue Agency regularly issues press releases that contain a variety of news and noteworthy stories.
2010 Employment Insurance Rates
Employment Insurance (EI) rates for 2010 remain unchanged at 1.73% of earnings for employees as does the maximum annual premium of $747.36. The rate for employers is 1.4 times the employee rate or 2.422%.
The rate for Quebec is 1.36% to a maximum of $587.52.
The maximum insurable earnings for 2010 increased to $43,200 from $42,300 in 2009.
Mandatory Electronic T2 Filing
The CRA announced that corporations with gross revenues exceeding $1 million must file their T2 tax returns electronically for all tax years ending after 2009. Penalties will be applied to those who do not comply after 2010.
All corporations are encouraged to file electronically and the benefits include, elimination of delivery expenses, reduced printing costs, and fewer delays in processing.
Prescribed Interest Rates For First Quarter 2010
The CRA announced December 3rd, the prescribed interest rates for the first calendar quarter of 2010.
- The interest rate charged on overdue taxes, Canada Pension Plan contributions, and Employment Insurance premiums will be 5%.
- The interest rate paid on overpayments will be 3%.
- The interest rate used to calculate taxable benefits for employees and shareholders from interest-free and low-interest loans will be 1%.
For more information please see the news release.
2010 RRSP and Pension Limits
The CRA’s Registered Plans Directorate released the 2010, rates for Money Purchase limits, RRSP limits, YMPE, DPSP limits and Defined Benefits limits. The RRSP contribution limit increases in 2010 to $22,000. Click here for the news release.