Canada Revenue Agency Announces Maximum Pensionable Earnings for 2013
OTTAWA, ONTARIO--(Marketwire - Nov. 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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