Sentences with phrase «maximum pensionable»

Effective January 1, 2009, public service pension plan contributions will be 5.2 % (to a maximum of $ 2,407.60 for the 2009 taxation year) on all pensionable earnings below and equal to the yearly maximum pensionable earnings (YMPE)($ 46,300 for the 2009 taxation year) and 8.4 % on all pensionable earnings over the YMPE.

Under that plan, those who make more than the current maximum pensionable amount would end up paying more into the system, but would stand to receive a larger pension.

David Trahair: Yeah, basically it's tied to the year's maximum pensionable earnings amount.

So, the governments, the federal and provincial governments got together and made changes including increasing the contribution rate, it's now 4.95 % up to the yearly maximum pensionable earnings.

Enhancement to CPP / QPP on earnings between 50 per cent and 100 per cent of the year's maximum pensionable earnings threshold, with the ability for employers to provide a comparable workplace retirement plan in lieu.

But if you plan to go back to school, stay home with children, or earn less than the year's maximum pensionable earnings (YMPE), which is $ 51,100 for 2013, you may fall short of the maximum and so will your CPP cheques.

The federal and provincial governments are looking at a possible increase in the $ 55,000 cap on annual maximum pensionable earnings, which would result in both higher premiums and increased pension benefits.

This could be accomplished through a modest increase in premiums for Canadians who earn between 50 per cent and 100 per cent of the yearly maximum pensionable earnings under the CPP — in other words, people with incomes of between $ 27,450 and $ 54,900.

The rise of contribution minimums could require employers to rethink pension formulas if they are based on yearly maximum pensionable earnings, said Malone.

This led to an increase in the Ontario Government's matching contribution from 8.9 % to 12 % of income above maximum pensionable earnings under the CPP.

Not exact matches

Currently, the CPP plan pays out about 25 per cent replacement benefits on up to $ 51,100 of pensionable earnings, resulting in a maximum annual benefit of $ 12,150.

CPP Maximum 2011 2011 CPP Rates The CPP Rate, effective January 1, 2011, remain unchanged at 4.95 % of pensionable earnings.

So taxpayers need to have $ 55,300 of salary or self - employment income to make the maximum CPP contribution for the year and earn a full year of CPP pensionable service.

The first additional contribution rate is also applied on pensionable earnings up to the Year's Maximum Pensionable Earnings (YMPE) for that year.

income replacement benefits will increase from one - quarter (25 %) to one - third (33 %) of pensionable earnings or from the current maximum of $ 13,110 to approximately $ 27,000 per annum.