Under new legislation that passed in December 2011, payments from an uninsured Wage Loss Replacement Plan (WLRP) are considered employment income and therefore, are subject to Canada Pension Plan (CPP) contributions. What’s new for Wage Loss Replacement Plans (WLRP) in 2012 The treatment of wage loss replacement plans (WLRP) payments for Canada Pension Plan (CPP) purposes changed over the years. For a period, payments made from certain types of uninsured WLRP plans were not considered pensionable. In December 2011, new CPP legislation clarified that all payments made from uninsured WLRPs are considered to be remuneration from pensionable employment. This legislation [More]
The following is now available on the CRA Web site: News release Ottawa, Ontario, November 1, 2010… The Canada Revenue Agency announced today that the maximum pensionable earnings under the Canada Pension Plan (CPP) for 2011 will be $48,300—up from $47,200 in 2010. The new ceiling was calculated according to a CPP legislated formula that takes into account the growth in average weekly wages and salaries in Canada. Contributors who earn more than $48,300 in 2011 are not required or permitted to make additional contributions to the CPP. The basic exemption amount for 2011 remains $3,500. Individuals who earn less [More]
The following is now available on the CRA Web site: News release Ottawa, Ontario, November 3, 2009… The Canada Revenue Agency (CRA) announced today that the maximum pensionable earnings under the Canada Pension Plan (CPP) for 2010 will be $47,200—up from $46,300 in 2009. The new ceiling was calculated according to a CPP legislated formula that takes into account the growth in average weekly wages and salaries in Canada. Contributors who earn more than $47,200 in 2010 are not required or permitted to make additional contributions to the CPP. The basic exemption amount for 2010 remains $3,500. Individuals who earn [More]
The following is now available on the CRA Web site: News release Ottawa, November 3, 2008… The Canada Revenue Agency announced today that the maximum pensionable earnings under the Canada Pension Plan (CPP) for 2009 will be $46,300—up from $44,900 in 2008. The new maximum pensionable earnings amount was calculated according to a CPP legislated formula that takes into account the growth in average weekly wages and salaries in Canada. Contributors who will earn more than $46,300 in 2009 will not be required or permitted to make additional contributions to the CPP. The basic exemption amount for 2009 remains $3,500. [More]
The following was released on the Canada News Site .. OTTAWA, ONTARIO, December 21, 2007 Human Resources and Social Development Canada today announced the latest benefit rates for the Canada Pension Plan (CPP) and Old Age Security (OAS). Canadians already receiving CPP benefits as of December 2007 will get an increase of 2.0 percent on January 1, 2008. Canada Pension Plan benefits are adjusted once a year, in January. Increases are based on changes over a 12-month period in the Consumer Price Index, which is the cost-of-living measure used by Statistics Canada. OAS includes the Guaranteed Income Supplement (GIS) and [More]
Canada Employment Insurance Commission to Reduce EI Premium Rates for 2007 Ottawa, November 9, 2006 2006-066 The Honourable Jim Flaherty, Minister of Finance, today welcomed the decision by the independent Canada Employment Insurance Commission to reduce employment insurance (EI) premium rates for 2007. For employees, the premium rate will fall to $1.80 from its current level of $1.87 per $100 of insurable earnings, effective January 1, 2007. The rate paid by employers will be reduced to $2.52 from $2.62 per $100 of insurable earnings. The Report of the Human Resources and Social Development (HRSD) Chief Actuary, which draws upon economic [More]
Subject: CRA Electronic mailing list service The following is now available on the CRA Web site: CPP pensionable earnings ceiling for 2006 up to $42,100 News release CPP pensionable earnings ceiling for 2006 up to $42,100 Ottawa, November 2, 2005… The Canada Revenue Agency announced today that the maximum pensionable earnings under the Canada Pension Plan (CPP) for 2006 will be $42,100-up from $41,100 in 2005. The new ceiling was calculated according to a CPP legislated formula that takes into account the growth in average weekly wages and salaries in Canada. Contributors who earn more than $42,100 in 2006 are [More]