Canada Revenue Agency Announces Maximum Pensionable Earnings for 2015

(firmenpresse) - OTTAWA, ONTARIO -- (Marketwired) -- 11/03/14 -- Canada Revenue Agency

The Canada Revenue Agency announced today that the maximum pensionable earnings under the Canada Pension Plan (CPP) for 2015 will be $53,600-up from $52,500 in 2014. 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 $53,600 in 2015 are not required or permitted to make additional contributions to the CPP based on earnings exceeding this amount.

The basic exemption amount for 2015 remains $3,500.

The employee and employer contribution rates for 2015 will remain unchanged at 4.95%, and the self-employed contribution rate will remain unchanged at 9.9%.

The maximum employee and employer contribution to the plan for 2015 will be $2,479.95 each and the maximum self-employed contribution will be $4,959.90. The maximums in 2014 were $2,425.50 and $4,851.00.

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Contacts:
Noel Carisse
Media Relations
Canada Revenue Agency
613-952-9184

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Bereitgestellt von Benutzer: Marketwired
Datum: 03.11.2014 - 17:03 Uhr
Sprache: Deutsch
News-ID 349135
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