Recent News From The CRA

by Tax Guy - Burlington Accountant on December 5, 2009 Print This Post Print This Post

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.

About The Tax Guy...

Dean Paley CGA CFP is a Burlington accountant and financial planner who services individuals and business owners locally, nationally and internationally. Dean has appeared in the National Post, Toronto Star and Metro News.

To find out more, visit Dean's website Dean Paley CGA CFP or connect via Twitter @DeanPaleyCGACFP.

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Nicolas December 5, 2009 at 1:03 pm

Good numbers to know but on the issue of “elimination of delivery expenses, reduced printing costs”, my experience is that most businesses still print it all out to keep paper records.

Tax Guy December 6, 2009 at 2:00 pm

@ Nicolas:
The RAs words…not mine! Although I’m sure you save a few cents not having to print the copy submitted.

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