11. Canada Pension Plan (CPP)
Contribution Calculation
| Rate/Amount | 2020 | 2021 |
|---|
| Contribution rate | 5.25 % | 5.45 % |
|---|
| Maximum annual allowable earnings | $58,700.00 | $61,600.00 |
|---|
| Annual exemption | $3,500.00 | $3,500.00 |
|---|
| Maximum annual pensionable earnings | $55,200.00 | $58,100.00 |
|---|
| Maximum annual contribution (employee and employer) | $2,898.00 | $3,166.45 |
|---|
Basic Exemptions
| Frequency | 2020 | 2021 |
|---|
| Weekly (52 pay periods) | $67.30 | $67.30 |
|---|
| Bi-weekly (26 pay periods) | $134.61 | $134.61 |
|---|
| Semi-monthly (24 pay periods) | $145.83 | $145.83 |
|---|
| Monthly (12 pay periods) | $291.66 | $291.66 |
|---|
| Annually | $3,500.00 | $3,500.00 |
|---|
