Canada Pension Plan Contribution Rates and Maximums for 2020 Published

The Canada Revenue Agency has published the Canada Pension Plan (CPP) contribution rates and maximums for 2020, which are as follows:

• The pensionable earnings maximum is increased to CAD 58,700, while the basic exemption amount remains CAD 3,500, resulting in maximum contributory earnings of CAD 55,200;
• The employee and employer contribution rates are increased from 5.10% to 5.25% (10.50% for self-employed); and
• The maximum annual employee and employer contributions are increased to CAD 2,8…