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Canada Revenue Agency Announces Maximum Pensionable Earnings for 2014

| November 27, 2013

Maximum Pensionable Earnings for 2014:

On November 1, 2013, the Canada Revenue Agency announced the maximum pensionable earnings under the Canada Pension Plan (CPP) for 2014. The rate remains unchanged at 4.95% for employee and employer, and 9.9% for self-employed. Contributors who earn more than $52,500 in 2014 are not required or permitted to make additional contributions to the CPP.  Below is the comparison:

2014 2013 2012 2011
Maximum Pensionable Earnings $52,500 $51,100 $50,100 $48,300
Basic Exemption $3,500 $3,500 $3,500 $3,500
EMPLOYER CONTRIBUTION
Maximum employer contribution $2,425.50 $2,356.20 $2,306.70 $2,217.60
Contribution rate 4.95% 4.95% 4.95% 4.95%
EMPLOYEE CONTRIBUTION
Maximum employee contribution $2,425.50 $2,356.20 $2,306.70 $2,217.60
Contribution rate 4.95% 4.95% 4.95% 4.95%
SELF-EMPLOYED CONTRIBUTION
Maximum self-employed contribution $4,851.00 $4,712.40 $4,613.40 $4,435.20
Contribution rate 9.9% 9.9% 9.9% 9.9%