Tax Changes for 2020

Rates and Limits

As expected, several tax rates and limits are changing in 2020.

    • Federal and provincial income tax brackets are increasing to keep up with inflation.
    • Employment Insurance (EI) Premiums are decreasing from 1.62% in 2019 to 1.58% in 2020.
    • Maximum pensionable earnings, the amount used by the government to calculate Canada’s Pension Plan contributions for the year, is increasing to $58,700 in 2020, up from $57,400 in 2019. Similarly, the employee and employer contribution rates for 2020 will be increasing by 5.25%, up from 5.1% in 2019.
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Key Performance Indicators For Manufacturing Companies

Improving Efficiency

  • Capacity Utilization: Actual Output / Potential Output x 100
    This measures how much of your available capacity you are actually using on your production line. The higher the better. Buildings and equipment are expensive assets and you want to maximize their use. It also helps to manage what you sell by production centre, so you do not over or undersell a particular manufacturing line, thereby balancing the workload.
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