The Canada Revenue Agency will raise the maximum pensionable earnings under the Canada Pension Plan (CPP) for 2015 to $53,600, 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%, and the self-employed contribution rate will remain unchanged at 9.9%.
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, respectively.
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