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Archived - Maximum pensionable earnings for 2010
Ottawa, Ontario, November 3, 2009... The Canada Revenue Agency (CRA) announced today that the maximum pensionable earnings under the Canada Pension Plan (CPP) for 2010 will be $47,200—up from $46,300 in 2009. 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 $47,200 in 2010 are not required or permitted to make additional contributions to the CPP.
The basic exemption amount for 2010 remains $3,500. Individuals who earn less than that amount do not need to contribute to the CPP.
The employee and employer contribution rates for 2010 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 2010 will be $2,163.15, and the maximum self-employed contribution will be $4,326.30. The maximums in 2009 were $2,118.60 and $4,237.20.
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