|If you reach the maximum CPP/EI in 2014, you will see an increase in the amount of your net pay. Many employees reach their maximum level of CPP EI contributions sometime during the year. If you reach the maximum level of CPP / EI, you will see an increase in the amount of your net pay as there will no longer be CPP / EI deductions withheld. Beginning with the new year, you will recommence paying CPP EI contributions until such time as you reach the maximum CPP EI contribution level for 2014 below. Also find out CPP Maximum 2015 and EI Maximum 2015.||
CPP Maximum 2014 | CPP Contribution Rates for the Year 2014
The maximum CPP contribution to the plan for 2014 will be increased to $2,425.50 and the CPP Rates, effective January 1, 2014, forecast to remain unchanged at 4.95% of pensionable earnings. The basic exemption amount for 2014 expects to remain $3,500. Individuals who earn less than the max earnings do not need to contribute to the CPP. The CPP max for the Year 2014 were $2,425.50 for employee contribution and $4,851.00 for self-employed contribution.
The following table shows the change of CPP maximums, contributions, rates and max. earnings for the last 5 year.
|Year||CPP Max 2014||2013||2012||2011||2010|
|CPP Contribution Rate (%)||4.95%||4.95%||4.95%||4.95%||4.95%|
|CPP Max. Contribution||$2,425.50||$2,356.20||$2,306.70||$2,217.60||$2,163.15|
EI Maximum 2014 | EI Rates for the Year 2014
Your rate of EI premiums (excluding employees working in the province of Quebec), for the 2013 taxation year forecasts to remain at 1.73% of insurable earnings. The annual maximum insurable earnings will be increasing from $47,400 to $48,600. The maximum EI contribution to the plan for 2014 will be $913.68. The EI maximum for the Year 2013 was $892.12. Once you reach the annual maximum premium deduction of your EI maximum in 2014, you will see an increase in the amount of your net pay as there will no longer be EI deductions withheld from your pay.
The below table shows the change of CPP maximums, contributions, rates and max. earnings for the last 5 year.
|Year||EI Max 2014||2013||2012||2011||2010|
|Employee Contribution Rate (%)||1.92%||1.88%||1.83%||1.78%||1.73%|
|Max. Employee Contribution||$913.68||$891.12||$839.97||$786.76||$747.36|