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The 11 Things in the New Federal Budget Payroll Must Know About

The biggest story may be what the 2022 federal budget doesn’t contain.

As it does every year, the federal government’s budget for 2022 includes a number of provisions directly affecting payroll and employment matters. Here’s a briefing of the 11 things HR and payroll directors need to know about the new budget.
1. No Tax Changes
Perhaps the biggest takeaway from the new budget is what it doesn’t contain. Despite the current budget deficit, there are no broad increases to either personal or corporate tax rates and no increases at all in the GST or HST. The one notable exception: The budget calls for significant new taxes on the banking and insurance sectors.
2. CPP & EI
The 2022 leaves CPP contribution and EI premium rates unchanged. But change is coming. After freezing EI at $1.58 per $100 of insurable earnings from 2020 to 2022, premiums are projected to rise to:

$1.63 in 2023;
$1.68 in 2024; and
$1.73 from 2025 to 2029.

3. EI for Seasonal Workers
The budget ...

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