On November 1st, Canada Revenue Agency announced that the maximum pensionable earnings for 2018 will be $55,900, up from $55,300 in 2017.
Contributors who earn more than $55,900 in 2018 are not required or permitted to make additional contributions to the Canada Pension Plan.
The basic exemption amount for 2018 remains $3,500.
The 2018 contribution rate for employees and employers remain unchanged at 4.95%.
The 2018 contribution rate for self-employed will also remain unchanged at 9.9%.
The 2018 maximum employer and employee contribution to the plan will be $2,593.80, up from $2,564.10 in 2017.
The 2018 maximum self-employed contribution will be $5,187.60, up from $5,128.20 in 2017.