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2016 Meal Allowance
The meal allowance for 2016 is $17.00 per meal (less 20%). US meals will be $17US converted to Canadian dollars at the 2016 average annual exchange rate. For 2016 if you drive long-haul (away for more than 24 hours) then your meal deduction is less 20%. You should keep very accurate records to substantiate the increase.
2016 WSIB Rates for General Trucking
The premium rate for 2016 remains at $6.72 per $100 of earnings. Maximum insurable earnings under WSIB for 2016 have increased to $79,600.
2016 Employer-Employee Deductions
For 2016, the CPP earnings ceiling has once again increased to $51,400. The maximum employee CPP deduction increases to $2544.30. CPP for those self-employed also increases. The rate for 2016 increases to $5088.60.
For 2016, the maximum EI earnings increases to $45,900. The maximum employee deduction increases to $955.04.
Copyright 2016 The Transport Advisor Limited