CPP Contribution Levels Set for 2009

The Canada Revenue Agency has announced the Canada Pension Plan contribution amounts that will apply for 2009. The basic exemption for the year will remain at $3,500,  while maximum pensionable earnings will rise to $46,300.  Employee and employer contribution rates are unchanged; as a result, both employers and employees will pay a maximum of $2,118.60.

The self-employed, who pay both the employer and employee portions,  will pay a maximum of $4,237.20.

The CRA press release announcing the 2009 rates can be found on the Agency's Web site at  (Click Here...)