Canada Revenue Agency Announces Maximum Pensionable Earnings for 2014
Maximum Pensionable Earnings for 2014:
On November 1, 2013, the Canada Revenue Agency announced the maximum pensionable earnings under the Canada Pension Plan (CPP) for 2014. The rate remains unchanged at 4.95% for employee and employer, and 9.9% for self-employed. Contributors who earn more than $52,500 in 2014 are not required or permitted to make additional contributions to the CPP. Below is the comparison:
| 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|
| Maximum Pensionable Earnings | $52,500 | $51,100 | $50,100 | $48,300 |
| Basic Exemption | $3,500 | $3,500 | $3,500 | $3,500 |
| EMPLOYER CONTRIBUTION | ||||
| Maximum employer contribution | $2,425.50 | $2,356.20 | $2,306.70 | $2,217.60 |
| Contribution rate | 4.95% | 4.95% | 4.95% | 4.95% |
| EMPLOYEE CONTRIBUTION | ||||
| Maximum employee contribution | $2,425.50 | $2,356.20 | $2,306.70 | $2,217.60 |
| Contribution rate | 4.95% | 4.95% | 4.95% | 4.95% |
| SELF-EMPLOYED CONTRIBUTION | ||||
| Maximum self-employed contribution | $4,851.00 | $4,712.40 | $4,613.40 | $4,435.20 |
| Contribution rate | 9.9% | 9.9% | 9.9% | 9.9% |