Ottawa, Ontario, November 1, 2011… The Canada Revenue Agency announced today that the maximum pensionable earnings under the Canada Pension Plan (CPP) for 2012 will be $50,100—up from $48,300 in 2011. 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 $50,100 in 2012 are not required or permitted to make additional contributions to the CPP.

The basic exemption amount for 2012 remains $3,500. Individuals who earn less than that amount do not need to contribute to the CPP.

The employee and employer contribution rates for 2012 will remain unchanged at 4.95%, and the self-employed contribution rate will remain unchanged at 9.9%.

The maximum employer and employee contribution to the plan for 2012 will be $2,306.70, and the maximum self-employed contribution will be $4,613.40. The maximums in 2011 were $2,217.60 and $4,435.20.

http://www.cra-arc.gc.ca/nwsrm/rlss/2011/m11/nr111101-eng.html?rss

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More light humour……


July 30th, 2009

“Next to being shot at and missed, nothing is quite as satisfying as an income tax refund.”     Author’s name not known.  But we all know what he’s talking about!

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Light humour……


July 7th, 2009

The average man now lives thirty-one years longer than he did in 1850.  He has to in order to get his taxes paid.

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