Maximum pensionable earningsThursday November 06, 2014 Written by Brandi Cowen
The Canada Revenue Agency has announced the maximum pensionable earnings under the Canada Pension Plan for 2015.
The maximum will be $53,600 next year, up from $52,500 in 2014. 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 $53,600 in 2015 are not required or permitted to make additional contributions to the CPP based on earnings exceeding this amount.
The basic exemption amount for 2015 remains $3,500.
The employee and employer contribution rates for 2015 will remain unchanged at 4.95 per cent, and the self-employed contribution rate will remain unchanged at 9.9 per cent.
The maximum employee and employer contribution to the plan for 2015 will be $2,479.95 each and the maximum self-employed contribution will be $4,959.90. The maximums in 2014 were $2,425.50 and $4,851.00.