The Canada Revenue Agency has announced that the maximum pensionable earnings under the Canada Pension Plan for 2019 will be $57,400, up from $55,900 in 2018.

Contributors who earn more than $57,400 won’t be permitted to make additional contributions to the CPP. The basic exemption amount for 2019 remains $3,500.

The registered retirement savings plan dollar limit, another indexed figure, has also been updated for 2019, and will be $26,500, up from $26,230 this year. The tax-free savings account limit for 2019 will be officially announced later this year.

Read: Majority of Ontario small employers want CPP hike scrapped, delayed: survey

As well, employee and employer CPP contribution rates for 2019 will be 5.1 per cent, up from 4.95 per cent in 2018. Meanwhile, the self-employed contribution rate will be 10.2 per cent, up from 9.9 per cent in 2018. This increase is due to the CPP enhancement that will be implemented on Jan. 1.

The maximum employer and employee contribution to the CPP for next year will be $2,748.90 each, and the maximum self-employed contribution will be $5,497.80. The maximums in 2018 were $2,593.80 and $5,187.60, respectively.

This article originally appeared on Benefits Canada’s companion site, Advisor.ca

Copyright © 2019 Transcontinental Media G.P. Originally published on benefitscanada.com

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george stevenson:

During the budget information given there was a huge amount of money (millions to be exact) given to Pensioners. This, of course, is false as all my wife got was 4 dollars on CPP and 5 on oas an extra. Thank you very much it comes to a lot less than the C.O.L. index. I would like to ask you where the millions are you sold to Canadians. Oh by ythe way my pensions are the same. We have no other money coming in so we continue living in Mexico as we could never afford CANADA. Actually all that I can read is that the pension payments will increase so that higher pension payout Years down the road will be more will go up. Maybe we can go back for asylum I here they get twice as much as I get.

Friday, April 26 at 12:35 pm | Reply

PleaseHelp:

If I’m making $14.00 /hr for 2019 then my CPP will be 5.1% and my EI will be 1.62% ? Is this right?

Thanks,

Saturday, October 26 at 3:46 pm | Reply

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