CPP pensionable earnings ceiling for 2005 up to $41,100

News Release

Ottawa, October 20, 2004... The Canada Revenue Agency announced today that the maximum pensionable earnings under the Canada Pension Plan (CPP) for 2005 will be $41,10--up from $40,500 in 2004. 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 $41,100 in 2005 are not required or permitted to make additional contributions to the CPP. The basic exemption amount for 2005 remains $3,500. Individuals who earn less than that amount do not need to contribute to the CPP. The employee and employer contribution rates for 2005 will remain unchanged at 4.95%, and the self-employed contribution rate will remain unchanged at 9.9%. The maximum employer and employee contribution to the plan for 2005 will be $1,861.20, and the maximum self employed contribution will be $3,722.40. The maximums in 2004 were $1,831.50 and $3,663.00. For media information

Search for related information by keyword

Canada Revenue Agency Economics and Industry

Page details

2016-12-15

We have archived this page and will not be updating it.

We have archived this page and will not be updating it.

CPP pensionable earnings ceiling for 2005 up to $41,100

News Release

Page details