November 4, 2014

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On November 3, 2014 the Canada Revenue Agency (“CRA”) announced the maximum pensionable earnings for 2015 will increase to $53,600 which is up from $52,500 in 2014. This was set by a formula which factored in greater average weekly salary and wages for Canadians.  As a result, maximum Canada Pension Plan (“CPP”)  premiums will increase from $4,851.00 in 2014 ($2,425.50 employee portion and $2,425.50 employer portion) to $4,959.90 in 2015 ($2,479.95 employee portion and $2,479.95 employer portion).

For more information, view the CRA News Release or contact your trusted Smythe Ratcliffe advisor.

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