Canada Revenue Agency

Canada Revenue Agency

November 03, 2014 12:03 ET

Canada Revenue Agency Announces Maximum Pensionable Earnings for 2015

OTTAWA, ONTARIO--(Marketwired - Nov. 3, 2014) - Canada Revenue Agency

The Canada Revenue Agency announced today that the maximum pensionable earnings under the Canada Pension Plan (CPP) for 2015 will be $53,600-up from $52,500 in 2014. 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 $53,600 in 2015 are not required or permitted to make additional contributions to the CPP based on earnings exceeding this amount.

The basic exemption amount for 2015 remains $3,500.

The employee and employer contribution rates for 2015 will remain unchanged at 4.95%, and the self-employed contribution rate will remain unchanged at 9.9%.

The maximum employee and employer contribution to the plan for 2015 will be $2,479.95 each and the maximum self-employed contribution will be $4,959.90. The maximums in 2014 were $2,425.50 and $4,851.00.

Quick Facts

  • The CPP applies in every province and territory in Canada with the exception of Quebec, where the Quebec Pension Plan (QPP) provides similar pensions and benefits.
  • Every employed Canadian over the age of 18 must contribute to the (CPP) (QPP for Quebec workers) to qualify for a retirement pension.
  • Contributions to the CPP end when a contributor turns 70.
  • The CPP provides retirement, disability and survivor benefits and pensions to contributors and their families.

Associated Links

Canada Pension Plan (CRA)

Canada Pension Plan (Service Canada)

Types of Pension Plans (Service Canada)

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Contact Information

  • Noel Carisse
    Media Relations
    Canada Revenue Agency
    613-952-9184