Canada Pension Plan Contributions for 2020

The Canada Pension Plan contribution rate for 2020 is increased to 5.25% of pensionable earnings for the year.

The maximum pensionable earnings for the year will be $58,700, and the basic exemption is unchanged at $3,500.

The maximum employer and employee contributions to the plan for 2020 will be $2,898.00 each, and the maximum self-employed contribution will be $5,796.