The Canada Pension Plan contribution rate for 2020 is increased to 5.25% of pensionable earnings for the year.
The maximum pensionable earnings for the year will be $58,700, and the basic exemption is unchanged at $3,500.
The maximum employer and employee contributions to the plan for 2020 will be $2,898.00 each, and the maximum self-employed contribution will be $5,796.
The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.