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Maximum pensionable earnings

Thursday November 06, 2014 Written by 
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.

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