The Canada Revenue Agency announced on November 2nd that the maximum pensionable earnings for 2016 will be $54,900—up from $53,600 in 2015.

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

 

For a breakdown of these and other rates check out our website

 

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