Get your business ready for the CPP enhancement
As an employer, it's important to prepare your business for the future. You need to carefully plan for changes that affect how your business grows. That's why it is important for you to know about the Canada Pension Plan (CPP) enhancement that kicked off this January.
On January 1, 2019, you began investing slightly more in the CPP to help build a more secure retirement for your employees. The enhancement will increase the maximum CPP retirement pension benefit by about 50 per cent, once mature.
To fund enhanced benefits, annual CPP contribution rates will increase modestly over seven years. The gradual increase is designed to help you adjust to these changes.
- On January 1, 2019, your CPP contribution rate increased from 4.95% to 5.1% of your employees' CPP pensionable earnings.
- You will be able to deduct the CPP enhancement contributions from your 2019 taxes.
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