Subscribe to our Newsletter Subscribe to our Magazine
investment-chart-hand

The Canada Revenue Agency says the maximum pensionable earnings under the Canada Pension Plan (CPP) for 2014 will be $52,500, up from $51,100 in 2013.

The new ceiling was calculated according to a CPP legislated formula that takes into account the growth in average weekly wages and salaries in Canada.

Contributors who earn more than $52,500 in 2014 are not required or permitted to make additional contributions to the CPP. The basic exemption amount for 2014 remains $3,500.

The employee and employer contribution rates for 2014 will remain unchanged at 4.95%, and the self-employed contribution rate will remain unchanged at 9.9%.

The maximum employer and employee contributions to the plan for 2014 will be $2,425.50 each, and the maximum self-employed contribution will be $4,851.00. The maximums in 2013 were $2,356.20 and $4,712.40.

Related articles:

© Copyright 2014 Rogers Publishing Ltd. Originally published on benefitscanada.com

Photos

Photographs of our
most recent events
are now posted

Check them out!

Register today

For the latest industry news and opinion sign up for our daily e-newsletter.

Add a comment

Have your say on this topic! Comments that are thought to be disrespectful or offensive may be removed by our Benefits Canada admins. Thanks!

* These fields are required.
Field required
Field required
Field required