A look at news, facts and figures shaping the world of payroll professionals
CPP maximum pensionable earnings increasing in 2015
› OTTAWA — The maximum pensionable earnings for the Canada Pension Plan will increase to $53,600 from $52,500 in 2015, the Canada Revenue Agency (CRA) has announced.
The contribution rate will remain 4.95 per cent for both employers and employees. The basic exemption will remain $3,500.
As a result, the maximum contributions for 2015 will be $2,479.95, the CRA says.
For the Quebec Pension Plan, the maximum is also expected to rise to $53,600 next year.
The employee and employer contribution rate will increase to 5.25 per cent from 5.175. As a result, the maximum contributions for 2015 are expected to be $2,630.25.
Unemployment 6.5 per cent in October: StatsCan
› OTTAWA — Canada’s economy gained 43,000 jobs in October, lowering the unemployment rate to 6.5 per cent, Statistics Canada reports. It is the country’s lowest unemployment rate since November 2008.
Industries where employment increased in October included retail and wholesale trade; educational services; manufacturing; and finance, insurance, real estate and leasing.
Employment was down in sectors such as public administration and natural resources.
The number of private sector employees and self-employed workers went up in October, while the number of public service employees decreased.
On a provincial basis, unemployment rates were down or unchanged in almost every jurisdiction.
Newfoundland and Labrador continued to have the highest unemployment rate at 12 per cent, but it was down from 12.7 per cent in the previous month. Saskatchewan remained the jurisdiction with the lowest unemployment rate at 3.5 per cent, unchanged from September.
In Ontario, the unemployment rate fell to 6.5 per cent from 7.1 per cent the previous month.
In the United States, the U.S. Bureau of Labor Statistics reports that the American economy added 214,000 jobs in October, lowering the unemployment rate to 5.8 per cent from 5.9 per cent.
Reduced EI rates set for 2015
› OTTAWA — Service Canada has released the reduced EI premium rates for 2015 for employers with registered wage-loss replacement plans. For 2015, the following rates will apply:
Category 1 plans: x 1.298 the employee premium (1.275 for employers with employees in Quebec)
Category 2 plans: x 1.223 the employee premium (1.183 for employers with employees in Quebec)
Category 3 plans: x 1.224 the employee premium (1.186 for employers with employees in Quebec)
Category 4 plans: x 1.208 the employee premium (1.165 for employers with employees in Quebec)
The category refers to the group to which Service Canada assigns the employer, based on type of wage-loss replacement plan the employer has.
Little change in August earnings: StatsCan
› OTTAWA — Average weekly earnings of non-farm payroll employees were $943.30 in August, up only slightly from $942.01 in July, Statistics Canada reports. Statistics Canada revised the July numbers from the previously reported $940.43. On a year-over-year basis, weekly earnings increased 3.5 per cent in August.
The increase in weekly earnings during the 12 months to August reflected a number of factors, including wage growth, changes in the composition of employment by industry, occupation and level of job experience, as well as average hours worked per week.
Non-farm payroll employees worked an average of 33 hours a week in August, up slightly from an average of 32.8 hours 12 months earlier.
Year-over-year earnings of non-farm payroll employees increased in all provinces, with the biggest growth in Manitoba, Alberta and Newfoundland and Labrador. The smallest growth occurred in Ontario and Quebec.
