|If you reach the maximum CPP/EI in 2015, 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 the year 2015 below.||
CPP Maximum 2015 | CPP Contribution Rates for the Year 2015
The maximum CPP contribution to the plan for 2015 will be increased to $2,479.95 from $2,425.50 comparing to the last year and the CPP Rates, effective January 1, 2015, forecast to remain unchanged at 4.95% of pensionable earnings. The basic exemption amount for 2015 expects to remain $3,500. Individuals who earn less than the max earnings, which is $53,600 do not need to contribute to the CPP. The CPP max for the Year 2015 is $2,479.95 for employee contribution and the CPP maximum 2015 for self-employed contribution will be increased to $4,959.90 from $4,851.00 comparing to the last year .
The following table shows the change of CPP maximums, contributions, rates and max. earnings for the last 5 year.
|Year||CPP Max 2015||2014||2013||2012||2011|
|CPP Contribution Rate (%)||4.95%||4.95%||4.95%||4.95%||4.95%|
|CPP Max. Contribution||$2,479.95||$2,425.50||$2,356.20||$2,306.70||$2,217.60|
EI Maximum 2015 | EI Rates for the Year 2015
Your rate of EI premiums (excluding employees working in the province of Quebec), for the 2015 taxation year forecasts to remain at 1.88% of insurable earnings. The annual maximum insurable earnings will be increasing to $49,500 from $48,600. The maximum EI contribution to the plan for the Year 2015 will be increased to $930.60 from $913.68 comparing to the last year. Once you reach the annual maximum premium deduction of your EI maximum in 2015, 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 EI maximums, contributions, rates and max. earnings for the last 5 year.
|Year||EI Max 2015||2014||2013||2012||2011|
|EI Maximum Earnings||$49,500||$48,600||$47,400||$45,900||$44,200|
|EI Contribution Rate (%)||1.88%||1.88%||1.88%||1.83%||1.78%|
|Max. EI Contribution||$930.60||$913.68||$892.12||$839.97||$786.76|