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Canada Employment Insurance Commission sets 2022 Employment Insurance Premium Rate
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MIL-OSI Translation: Joint statement by the Minister of Employment, Workforce Development and Disability Inclusion and the Commissioners of the Canada Employment Insurance Commission
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Did you get your first paycheck for 2021? The deductions might seem higher. This is because the Canada Revenue Agency (CRA) has increased the paycheck deductions for 2021. Two of the biggest changes that your paycheck must have witnessed are a rise in Employment Insurance (EI) premiums and your contribution towards the Canada Pension Plan (CPP).
What are these paycheck deductions?
Let us learn about these deductions in detail. Every year the Canada Employment Insurance Commission (CEIC) and Service Canada revise the EI premiums and CPP rates. They also decide on which income bracket will the new rates apply. When changing the rates and income bracket, the agencies take into account the rise in the average weekly income of Canadians.
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