Ottawa, Ontario, November 1, 2013... The Canada Revenue Agency
announced today that the maximum pensionable earnings under the Canada
Pension Plan (CPP) for 2014 will be $52,500—up from $51,100 in 2013. 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 $52,500 in 2014 are not required or permitted to make additional contributions to the CPP.
The basic exemption amount for 2014 remains $3,500.
The employee and employer contribution rates for 2014 will remain
unchanged at 4.95%, and the self‑employed contribution rate will remain
unchanged at 9.9%.
The maximum employer and employee contributions to the plan for 2014
will be $2,425.50 each, and the maximum self-employed contribution will
be $4,851.00. The maximums in 2013 were $2,356.20 and $4,712.40.
Canada Revenue Agency
This a a reproduction copy of an official work that is published by the Government of Canada and that the reproduction has not been produced in affiliation with, or with the endorsement of the Government of Canada.
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