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CPP Maximum Hiked

The Canada Revenue Agency will increase the maximum pensionable earnings under the Canada Pension Plan (CPP) for 2014 to $52,500, up from $51,100 in 2013. The increase 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 $52,500 in 2014 are not required or permitted to make additional contributions to the CPP. The employee and employer contribution rates for 2014 are 4.95 per cent and the self-employed contribution is 9.9 per cent. The maximum employer and employee contribution is $2,425.50 each, and the maximum self-employed contribution is $4,851.

Courtesy of Benefits and Pensions Monitor website News Alerts

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