Source: Governement of Canada, December 2001
Title: 2001 Personal Tax Filing Reminder
For the month of December 2001, pay deductible or creditable fees, expenses and dues by Dec 31.
If your 69 at the end of the year, contribute to RRSPs by Dec 31,
If you have and outstanding balance at CCRA, the final tax installment date is Dec 15th.
December 24, 2001 is the final trading day on Canadian stock exchanges for 2001 settlement-final day for tax-loss selling for 2001.
CPP pensionable earnings ceiling for 2002 up to $39,100
The Canada Customs and Revenue Agency announced November 13th 2001, that the maximum pensionable earnings under the Canada Pension Plan for 2002 will be $39,100 -- up from $38,300 in 2001.
Stating the increase reflects the growth in average weekly wages and salaries in Canada. Contributors who earn more than the $39,100 "ceiling" on pensionable earnings in 2002 are not required nor permitted to make additional contributions to the CPP. The year's basic exemption for 2002 remains $3,500. Individuals who earn less than that amount do not need to contribute to the CPP.
The employee's and employer's contribution rates for 2002 will increase to 4.7% from 4.3% and the self-employed contribution rate will rise to 9.4% from 8.6%. The maximum employer and employee contribution to the plan will be $1,673.20 and the maximum self-employed contribution will be $3,346.40, up from $1,496.40 and $2,992 .80 respectively.