11. Canada Pension Plan (CPP)
Contribution Calculation
Rate/Amount | 2021 | 2022 |
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Contribution rate | 5.45 % | 5.70 % |
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Maximum annual allowable earnings | $61,600.00 | $64,900.00 |
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Annual exemption | $3,500.00 | $3,500.00 |
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Maximum annual pensionable earnings | $58,100.00 | $61,400.00 |
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Maximum annual contribution (employee and employer) | $3,166.45 | $3,499.80 |
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Basic Exemptions
Frequency | 2021 | 2022 |
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Weekly (52 pay periods) | $67.30 | $67.30 |
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Bi-weekly (26 pay periods) | $134.61 | $134.61 |
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Semi-monthly (24 pay periods) | $145.83 | $145.83 |
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Monthly (12 pay periods) | $291.66 | $291.66 |
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Annually | $3,500.00 | $3,500.00 |
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