November 15, 2007
CPP pensionable earnings ceiling for 2008 up to $44,900
The Canada Revenue Agency has announced that the maximum pensionable earnings under the Canada Pension Plan (CPP) for 2008 will be $44,900 - up from $43,700 in 2007.
According to the CRA:
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 $44,900 in 2008 are not required or permitted to make additional contributions to the CPP.
The basic exemption amount for 2008 remains $3,500. Individuals who earn less than that amount do not need to contribute to the CPP.
For more information, see:
http://www.cra-arc.gc.ca/newsroom/releases/2007/nov/nr071102-e.html
Posted by Taxes.ca Editorial Team [permalink]
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