Canada Revenue Agency announces maximum pensionable earnings for 2017

(firmenpresse) - OTTAWA, ONTARIO -- (Marketwired) -- 11/01/16 -- Canada Revenue Agency

The Canada Revenue Agency announced today that the maximum pensionable earnings under the Canada Pension Plan (CPP) for 2017 will be $55,300, up from $54,900 in 2016. The new ceiling was calculated using a CPP legislated formula that takes into account the growth in average weekly wages and salaries in Canada.

Contributors who earn more than $55,300 in 2017 are not required or permitted to make additional contributions to the CPP.

The basic exemption amount for 2017 remains $3,500.

The employee and employer contribution rates for 2017 will remain unchanged at 4.95%. The self-employed contribution rate will remain unchanged at 9.9%.

The maximum employer and employee contribution to the CPP for 2017 will be $2,564.10 each. The maximum self-employed contribution will be $5,128.20. The maximums in 2016 were $2,544.30 and $5,088.60, respectively.

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

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Bereitgestellt von Benutzer: Marketwired
Datum: 01.11.2016 - 13:46 Uhr
Sprache: Deutsch
News-ID 504111
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