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2019 Employment Insurance (EI) Maximum Insurable Earnings
The Canada Revenue Agency announced the maximum insurable earnings and Employment Insurance (EI) premiums for 2019 on September 13, 2018. The rate has been decreased to 1.62% for employees, and 2.268% (1.4 times of 1.62%) for employers. Contributors who earn more than $53,100 in 2019 are not required or permitted to make additional contributions to EI. The decrease in premium rate will cost approximately a maximum of $2 in 2019 for an employee.
Below is the comparison:
|Maximum Insurable Earnings||$53,100||$51,700||$51,300||$50,800||$49,500|
|Maximum employer contribution||$1,204.31||$1,201.51||$1,170.67||$1,337.06||$1,302.84|
|Maximum employee contribution||$860.22||$858.22||$836.19||$955.40||$930.60|
Please note that this applies to each job. For example, during the year, if you switch employers, each employer will deduct the EI premium without considering the amount of EI premiums paid with the previous employer. The employee will receive the refund of any over-payments when income tax and benefit return is filed with the Canada Revenue Agency.
(This posting is for personal educational purposes only. Please consult your tax advisor for your specific situation).