Check out our toolkit on source deduction limits.
2021/2022 tax brackets, combined British Columbia and Federal rates:
| 2022 Taxable Income | Tax Rate | 2021 Taxable Income | Tax Rate |
| First $43,070 | 20.06% | First $42,184 | 20.06% |
| over $43,070 up to $50,197 | 22.70% | over $42,184 up to $49,020 | 22.70% |
| over $50,197 up to $86,141 | 28.20% | over $49,020 up to $84,369 | 28.20% |
| over $86,141 up to $98,901 | 31.00% | over $84,369 up to $96,866 | 31.00% |
| over $98,901 up to $100,393 | 32.79% | over $96,866 up to $98,040 | 32.79% |
| over $100,392 up to $120,094 | 38.29% | over $98,040 up to $117,623 | 38.29% |
| over $120,094 up to $155,625 | 40.70% | over $117,623 up to $151,978 | 40.70% |
| over $155,625 up to $162,382 | 44.08% | over $151,978 up to $159,483 | 44.02% |
| over $162,382 up to $221,708 | 46.18% | over $159,483 up to $216,511 | 46.12% |
| over $221,708 up to $227,091 | 49.80% | over $216,511 up to $222,420 | 49.80% |
| over $227,091 | 53.5% | over $222,420 | 53.5% |
| BC Basic Personal Amount | Tax Rate | BC Basic Personal Amount | Tax Rate |
| $11,302 | 5.06% | $11,070 | 5.06% |
| Federal Basic Personal Amount | Tax Rate | Federal Basic Personal Amount | Tax Rate |
| $14,398 | 15% | $13,808 | 15% |
The maximum pensionable CPP earnings level for 2022 has increased by $3,300 to $64,900. Contributors who earn more than the $64,900 ceiling on pensionable earnings in the year 2022 are not required or allowed to contribute more to the CPP.
The basic exemption for 2022 remains at $3,500.
The employee and employer contribution rates for 2022 will be 5.7%—up from 5.45% in 2021, and the self-employed contribution rate will be 11.4%—up from 10.9% in 2021. The increase in contribution rate is due to the continued implementation of the CPP enhancement.
The maximum employer and employee contribution to the plan for 2022 will be $3,499.80 each and the maximum self-employed contribution will be $6,999.60. The maximums in 2021 were $3,166.45 and $6,332.90.90. (via Canada.ca)
The maximum EI earnings for 2022 have increased from $56,300 to $60,300. Contributors who earn more than the $60,300 ceiling on insurable earnings in the year 2022 are not required to contribute more to EI.
Employee contribution rates for the year 2022 will remain at 1.58%. The maximum employee contribution to the plan in 2022 is now $952.74, up from $889.54 in 2021.
How much can you contribute?
The historical limits and increases for registered retirement savings plans (RRSPs) and Defined Contribution (also known as Money Purchase) Registered Pension Plans (RPPs) are as follows:
| Year | RRSP | Defined Contribution RPP |
| 2012 | $22,970 | $23,820 |
| 2013 | $23,820 | $24,270 |
| 2014 | $24,270 | $24,930 |
| 2015 | $24,930 | $25,370 |
| 2016 | $25,370 | $26,010 |
| 2017 | $26,010 | $26,230 |
| 2018 | $26,230 | $26,500 |
| 2019 | $26,500 | $27,230 |
| 2020 | $27,230 | $27,830 |
| 2021 | $27,830 | $29,210 |
| 2022 | $29,210 | $30,780 |
| 2023 | $30,780 | TBD |
Home Buyers’ Plan (HBP)
Lifelong Learning Plan (LLP)
