Canada Revenue Agency announces maximum pensionable earnings for 2013
Ottawa, Ontario, November 1, 2012… The Canada Revenue Agency announced today that the maximum pensionable earnings under the Canada Pension Plan (CPP) for 2013 will be $51,100—up from $50,100 in 2012. 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 $51,100 in 2013 are not required or permitted to make additional contributions to the CPP.
The basic exemption amount for 2013 remains $3,500.
The employee and employer contribution rates for 2013 will remain unchanged at 4.95%, and the self-employed contribution rate will remain unchanged at 9.9%.
The maximum employer and employee contribution to the plan for 2013 will be $2,356.20, and the maximum self-employed contribution will be $4,712.40. The maximums in 2012 were $2,306.70 and $4,613.40.
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