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CPP maximum pensionable earnings increasing for 2016; Employee benefits continue to be costly: Poll; Ontario WSIB ahead of schedule for eliminating unfunded liability
|Canadian Payroll Reporter|Last Updated: 12/01/2015




CPP maximum pensionable earnings increasing for 2016

OTTAWA — The maximum pensionable earnings for the Canada Pension Plan will increase on Jan. 1, 2016, to $54,900 from $53,600, the Canada Revenue Agency (CRA) has announced.

The contribution rate will remain 4.95 per cent for both employers and employees. The basic exemption will remain $3,500. As a result, the maximum employee and employer contributions for 2016 will be $2,544.30, the CRA says.