The global solution for payroll professionals, combines custom research, strategic white papers, country primers, webinars, and the expert guidance you’ve come...
By Molly Ward
Nov. 1—The maximum pensionable earnings under the Canada Pension Plan (CPP) is to increase to C$55,300 ($41,298) from C$54,900 ($40,999), while contributions rates are to remain unchanged for 2017, the Canada Revenue Agency said Nov. 1 in an announcement.
The increased ceiling amount was calculated using a formula that takes into account the growth in average weekly wages and salaries in Canada, the agency said.
Individuals who earn more than C$55,300 in 2017 cannot make additional contributions to the CPP. The basic exemption amount for 2017 remains C$3,500 ($2,614).
Contribution rates will remain unchained at 4.95 percent. The maximum amount that employers or employees can contribute to the CPP for 2017 will be C$2,564.10 ($1,915) each, an increase from C$2,544.30 ($1,900) in 2016.
The CPP applies to all provinces and territories in Canada except Quebec, where the Quebec Pension Plan (QPP) provides similar benefits.
To contact the reporter on this story: Molly Ward at mWard@bna.com
To contact the editor on this story: Michael Baer at firstname.lastname@example.org
The announcement can be found at http://news.gc.ca/web/article-en.do?mthd=index&crtr.page=1&nid=1145789.
More information on payroll issues in Canada can be found in the Canada country primer.
Copyright © 2016 The Bureau of National Affairs, Inc. All Rights Reserved.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to email@example.com.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to firstname.lastname@example.org.
Put me on standing order
Notify me when new releases are available (no standing order will be created)