Canada Revenue Agency announces maximum pensionable earnings for 2013
On November 1, 2012, the Canada Revenue Agency announced the maximum pensionable earnings under the Canada Pension Plan (CPP) for 2013. The rate remains unchanged at 4.95% for employee and employer, and 9.9% for self-employed. Contributors who earn more than $51,100 in 2013 are not required or permitted to make additional contributions to the CPP. Below is the comparison:
| 2013 | 2012 | 2011 | 2010 | |
|---|---|---|---|---|
| Maximum Pensionable Earnings | $51,100 | $50,100 | $48,300 | $47,200 |
| Basic Exemption | $3,500 | $3,500 | $3,500 | $3,500 |
| EMPLOYER CONTRIBUTION | ||||
| Maximum employer contribution | $2,356.20 | $2,306.70 | $2,217.60 | $2,163.15 |
| Contribution rate | 4.95% | 4.95% | 4.95% | 4.95% |
| EMPLOYEE CONTRIBUTION | ||||
| Maximum employee contribution | $2,356.20 | $2,306.70 | $2,217.60 | $2,163.15 |
| Contribution rate | 4.95% | 4.95% | 4.95% | 4.95% |
| SELF-EMPLOYED CONTRIBUTION | ||||
| Maximum self-employed contribution | $4,712.40 | $4,613.40 | $4,435.20 | $4,326.30 |
| Contribution rate | 9.9% | 9.9% | 9.9% | 9.9% |