The CRA has announced the CPP contribution limits for the upcoming year
The CRA has announced the CPP contribution limits for the upcoming year. The maximum pensionable earnings under the Canada Pension Plan (CPP) for 2020 will increase to $58,700 (from $57,400). The employee and employer contribution rates for 2020 will increase to 5.25% (up from 5.1%), and the self-employed contribution rate will increase to 10.5% (from 10.2%).
Download this edition of TaxNewsNOW to learn more.
Information is current to November 5, 2019. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500
© 2021 KPMG LLP, an Ontario limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.
For more detail about the structure of the KPMG global organization please visit https://home.kpmg/governance.