Canada Revenue Agency Announces Maximum Pensionable Earnings for 2016

(firmenpresse) - OTTAWA, ONTARIO -- (Marketwired) -- 11/02/15 -- Canada Revenue Agency

The Canada Revenue Agency announced today that the maximum pensionable earnings under the Canada Pension Plan (CPP) for 2016 will be $54,900-up from $53,600 in 2015. 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 $54,900 in 2016 are not required or permitted to make additional contributions to the CPP.

The basic exemption amount for 2016 remains $3,500.

The employee and employer contribution rates for 2016 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 2016 will be $2,544.30 each and the maximum self-employed contribution will be $5,088.60. The maximums in 2015 were $2,479.95 and $4,959.90.

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Contacts:
Philippe Brideau
Media Relations
Canada Revenue Agency
613-941-6269

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Bereitgestellt von Benutzer: Marketwired
Datum: 02.11.2015 - 19:08 Uhr
Sprache: Deutsch
News-ID 431213
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