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CRA Announces Maximum Pensionable Earnings for 2013 The Canada Revenue Agency (CRA) announced today (November 1) that the maximum pensionable earnings under the Canada Pension Plan (CPP) for 2013 will be $51,100—up $1,000 from $50,100 in 2012. The new ceiling was calculated according to a CPP-legislated formula that accounts for the growth in average weekly wages and salaries in Canada.

Contributors who earn more than $51,100 in 2013 are not required or permitted to make additional contributions to the CPP.

The basic exemption amount for 2013 remains $3,500.

For 2013 the employee and employer contribution rates will remain unchanged at 4.95 per cent, and the self-employed contribution rate will remain unchanged at 9.9 per cent.

The maximum employer and employee contribution to the plan for 2013 will be $2,356.20; the maximum self-employed contribution will be $4,712.40. The maximums in 2012 were $2,306.70 and $4,613.40.

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