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CRA sets 2016 max pensionable earnings

The Canada Revenue Agency has announced that the maximum pensionable earnings under the Canada Pension Plan for 2016 will be $54,900, up from $53,600 in 2015. As such, contributors who earn more than $54,900 in 2016 aren’t required or permitted to make additional contributions to the CPP.

This new ceiling was calculated according to a CPP legislated formula that takes into account the growth in average weekly wages and salaries in Canada.

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