On November 1, 2011, the Canada Revenue Agency announced the maximum pensionable earnings under the Canada Pension Plan (CPP) for 2012. The rate remains unchanged at 4.95% for employee and employer, and 9.9% for self-employed. Contributors who earn more than $50,100 in 2012 are notrequired or permitted to make additional contributions to the CPP. Below is the comparison with the year 2011 & 2010.
| 2012 | 2011 | 2010 | |
|---|---|---|---|
| Maximum Pensionable Earnings | $50,100 | $48,300 | $47,200 |
| Basic Exemption | $3,500 | $3,500 | $3,500 |
| EMPLOYER CONTRIBUTION | |||
| Maximum employer contribution | $2,306.70 | $2,217.60 | $2,163.15 |
| Contribution rate | 4.95% | 4.95% | 4.95% |
| EMPLOYEE CONTRIBUTION | |||
| Maximum employee contribution | $2,306.70 | $2,217.60 | $2,163.15 |
| Contribution rate | 4.95% | 4.95% | 4.95% |
| SELF-EMPLOYED CONTRIBUTION | |||
| Maximum self-employed contribution | $4,613.40 | $4,435.20 | $4,326.30 |
| Contribution rate | 9.9% | 9.9% | 9.9% |